Brentwood Associates has completed the sale of Filson Holdings, Inc. to Dallas, Texas-based private equity fund Bedrock Manufacturing Co. after spending seven years and millions of dollar transforming the Seattle maker of upscale hunting and fishing apparel into a national brand. Terms of the transaction were not disclosed.
Los Angeles-based Brentwood first acquired a stake in the 115-year-old Filson in January 2005 in partnership with Doug Williams, a former president of Polo Ralph Lauren. At the time, Williams said he wanted to take Filson nationwide by opening more than a dozen stores. Filson’s sales at the time were about $20 million.
Under Brentwood, Filson accelerated product development, grew its direct-to-consumer business significantly, launched an e-commerce division and expanded its wholesale distribution among outdoor and premium specialty retailers. In 2010, the company hired Matt Korros as CEO after stints at Samsonite and Franklin Covey, where he developed a reputation for rejuvenating classic American brands.
“The Filson management team under Mark Korros' leadership has broadened Filson's product offering in core outdoor categories while also expanding the offering of casual apparel, luggage and accessories,” said Brentwood Partner and Filson board member Roger Goddu.
Korros applauded Brentwood for its support. “Brentwood's multi-channel marketing expertise has helped accelerate growth at Filson and has positioned Filson well for continued success with Bedrock,” he said.
Bedrock is a private equity fund that focuses on building brands in entertainment, digital and consumer products. Robert W. Baird & Company acted as financial advisor to Filson and Brentwood in connection with the transaction.