Johnnie-O, the West Coast apparel brand for men and boys, closed an investment of $108 million from Wasatch Global Investors and Ares Management Corporation.
Johnnie-O’s sales and EBITDA grew by more than 80 percent in 2021, the company said. Its e-commerce channel has contributed significantly to the company’s success, while its wholesale and Johnnie-O retail store channels have seen similar levels of growth. The company expects to continue to drive and broaden the brand in 2022 and to grow its presence across all channels.
This financing positions the company for growth and supports the Johnnie-O brand. After giving effect to the financing, Wasatch and Ares funds collectively will hold a minority interest in the company.
Brian Goldman, partner at Ares, said, “We are excited to provide flexible capital supporting Johnnie-O’s strong growth plans. This investment dovetails with Ares’ investing strategy alongside companies with strong brands, compelling track records and best-in-class management teams.”
Dave Gatto, CEO, Johnnie-O, commented, “We are delighted to partner with such high caliber firms as Wasatch and Ares as we continue to grow our brand and community and build the next great iconic American brand.”
John O’Donnell, founder, Johnnie-O, said, “I am so proud of our team and humbled by the growth of our business which has resulted from the consistent engagement of our loyal consumers and trusted retail partners.”
