Private-equity firm CCMP Capital Advisors LP has struck a deal to take a controlling interest in Badger Sportswear, a family-owned manufacturer and supplier of team uniforms, performance athletic wear and fanwear.
Terms of the transaction were not disclosed.
The company’s founders, Jerry and Bill Carr, will reinvest a significant portion of their equity as part of the transaction, officials said. Jerry Carr will remain CEO and will continue to serve as chairman of Badger’s board of directors.
Established in 1971, Statesville, NC-based Badger Sportswear is a provider of team uniforms and performance athletic wear, including performance t-shirts, fleeces, shorts, pants and outerwear, worn by youth and adult athletes, team fans and supporters and corporate employees. It supplies its products to team dealers, decorators and wholesalers throughout the U.S. The company also sells its products through a growing number of collegiate bookstores and sporting goods retailers.
“We are excited about the future of the great company we have built and the opportunity to partner with CCMP,” said Badger CEO Jerry Carr. “We believe CCMP’s significant consumer and retail investment and operating expertise and its long-standing history of successfully working with family-owned businesses make them the ideal partner to help take Badger to its next level of growth.”
With offices in New York, Houston and London, CCMP Capital Advisors LP specializes in middle-market buyouts and growth equity investments of $100 million to $500 million in the consumer, industrial and health industries in North America and Europe. In the active-lifestyle space the company also owns Pure Gym and Shoes for Crews.
“We are thrilled to be partnering with the Carr brothers and their talented team to continue to build upon the strong company and brand that they have created,” said Doug Cahill, a managing director at CCMP. “Badger’s compelling proposition of outstanding product quality, innovation and service at value price points has led to longstanding customer relationships and a clearly differentiated position in the market. We look forward to working with the Badger team to pursue numerous avenues of future growth and continued innovation.”
The transaction is subject to customary closing conditions and is expected to close in September 2016. Robert W. Baird & Co. is serving as financial advisor to Badger. McGuireWoods LLP is serving as legal advisor to Badger, and Ropes & Gray LLP is serving as legal advisor to CCMP.
