S&S Activewear, based in Bolingbrook, IL, has completed its acquisition of competitor TSC Apparel, the parent of Tultex.
The seller was CenterGate Capital, an Austin-based private equity investment firm.
Originally founded in 1976 and headquartered in Cincinnati, OH, TSC is a national B2B distributor of imprintable apparel products and accessories. Since partnering with CenterGate in 2017, the company has grown its proprietary Tultex brand, added and expanded locations, brought on new mill partners, and added other value-added services.
“The collective efforts of the TSC management team, our strategic partners, and CenterGate have resulted in a differentiated platform well positioned to continue to deliver greater value to its customers,” stated Tiffany Kosch, Co-Founder and Managing Partner of CenterGate. “CenterGate has greatly appreciated its partnership with management and is excited to see the continued growth of the business under S&S’s stewardship.”
Managing Director Tim Liu added, “We are proud to have partnered with TSC management and congratulate them on their achievements. We want to thank them for their hard work and look forward to tracking their future success.”
TSC CEO Dave Klotter commented, “I’m tremendously proud of everything the TSC team has accomplished over the past few years. We’ve dramatically grown revenue and profitability, added new capabilities, and significantly expanded our proprietary Tultex-branded offering while continuing to provide industry-leading service and value to our customers. The partnership with CenterGate was instrumental to our success, providing the necessary support and resources. I’m excited about this next chapter for the company as part of the S&S Activewear platform and believe the combined business is well-positioned for continued success.”
McDermott, Will & Emery LLP served as legal counsel to TSC.
Photo courtesy TSC Apparel