WSS, the athletic footwear retailer based in Los Angeles, has agreed to a minority private equity investment with Riata Capital Group, a Dallas, TX-based investment firm.
The partnership is a continuation of the commitment to growing the WSS brand, expanding its store count over the last two years from 53 to 76 retail locations. The company’s growth includes other noted successes such as the launch of a flagship store in downtown Los Angeles, featured brand shop-in-shop areas within its 11,000-square-foot retail format and the expansion of the WSS footprint into Nevada and Arizona.
Regarding the company’s recent equity investment, Rick Mina, president of WSS, said, “We are excited to enter into this partnership with Riata Capital Group. This investment will continue to enhance our team’s ability to continue to grow our brand and our business over the coming years. The Riata Capital Group management has a long, successful history with retail equity investments. We anticipate gaining significant benefits from their experience. Further, we very much appreciate our vendor partners and thank them for their valued relationships, which we and founder Eric Alon have enjoyed for over 30 years.”
“We are very pleased to partner and invest in LA-based WSS. Eric Alon and his seasoned management team have created a concept that has significant differentiation within their marketplace. We believe their core, predominantly Hispanic customer continues to be underserved in the athletic and overall footwear retail space,” said Barron Fletcher, managing partner of Riata Capital Group. “Given our experience investing in and building other leading athletic retail platforms and with our Texas roots, we have a great deal to offer WSS as their investment partner. We look forward to contributing to the company’s growth in both its existing markets and its expansion in new ones.”
Eric Alon, founder and CEO of WSS, said, “The partnership allows us to position the WSS brand for continued and steadied growth in existing and new markets, while maintaining our DNA, one of the catalysts to our current and future success.”
The WSS and Riata Capital Group partnership allows for the retention of majority ownership by Eric Alon, provides substantial ownership for the management team and provides considerable liquidity to help fuel the next phase of growth for WSS.
Photo courtesy WSS
