In a swimsuit megamerger, Manhattan Beachwear has acquired Apparel Ventures. Terms were not disclosed. Apparel Ventures' owned swimwear brands include La Blanca and 2 Bamboo. Licensed brands include Ralph Lauren, Trina Turk, ABS, Puma and Rampage. Manhattan Beachwear's owned brands include The Bikini Lab, 24th and Ocean and Maxine of Hollywood. Licensed swim brands include Kenneth Cole New York, Kenneth Cole Reaction, Nanette Lepore, Hermanny by ViX, Sofia by ViX, Split and Hobie.
Allan Colvin, CEO of Manhattan Beachwear, Inc., will lead the combined entity which will operate under the Manhattan Beachwear name. “This acquisition brings together two established and respected names in the swimwear industry. Merging the companies into one joint entity will allow us to maximize our strengths and offer our customer base an unmatched brand and product mix,” said Colvin.
For the present time, Manhattan Beachwear, will continue to have offices and shipping facilities at the two companies’ headquarters in Cypress and Los Angeles, CA, although the company will operate under one management team. Brenda West, president of Manhattan Beachwear, will serve as president of the combined entity. Apparel Venture’s Jeff Pofsky and Ron Russell will remain as corporate vice presidents. Bill Singletary, Apparel Venture’s chief financial and operations officer and acting CEO, has retired. In November 1009, Apparel Ventures’ founder and CEO Marvin Goodman unexpectedly died of lymphoma at age 76.
In January, Manhattan Beachwear sold an 80% stake to
Linsalata Capital Partners, a Cleveland-based private equity firm that has invested in Alpha Shirt Co. and Augusta Sportswear Group in the past.
Market sources put Apparel Ventures' annual sales at $80 million and Manhattan Beachwear's at $65 million.
