SAN FRANCISCO--(BUSINESS WIRE)--Catalog Holdings, LLC, a portfolio company of Golden Gate Capital, today announced that its Orchard Brands Division completed the acquisition of Crosstown Traders, a division of Charming Shoppes Inc. Crosstown Traders is a leading specialty retailer that targets the rapidly growing 55+ aging baby boomer market and operates under the following catalog titles and e-commerce sites: Old Pueblo Traders, Bedford Fair, Willow Ridge, Lew Magram, Brownstone Studio, Intimate Appeal, Monterey Bay Clothing Company and Coward Shoes.
“We are extremely pleased to be adding these important titles to our own strong portfolio of direct-to-consumer businesses,” said Neale Attenborough, Chairman and Chief Executive Officer of Orchard Brands. “This is a strategic acquisition for us and we look forward to incorporating the established and highly regarded Crosstown Traders’ brands into the group, as they significantly increase our penetration of the 55+ market.”
Catalog Holdings also announced today that it has sold its interest in Spiegel Brands, Inc. to an investor group led by Granite Creek Partners. Terms of the deal were not disclosed. Spiegel Brands owns and operates catalogs under the Spiegel, Newport News, Carabella and AB Lambdin brand names.
Stefan Kaluzny, Managing Director at Golden Gate Capital, noted, “We are pleased to announce the acquisition of Crosstown Traders and the sale of Spiegel Brands. Consistent with our ongoing strategy, we continue to build the Orchard Brands business, the largest direct marketer focused on the 55+ demographic, with this highly strategic and accretive acquisition. In addition to continuing to seek additional acquisitions for Orchard Brands, Catalog Holdings will aggressively pursue multi-channel retail acquisitions where our deep experience allows us to add operational or strategic value. The sale of Spiegel was a natural step in managing our portfolio of brands as we had grown profitability dramatically and produced very attractive investment returns over our four years of ownership.”
About Orchard Brands
A portfolio company of Golden Gate Capital, Orchard Brands is a leading, multi-channel marketer of apparel and home products focused on serving the needs of the rapidly growing market segment of women and men above the age of fifty-five. With more than $1 billion of revenues, Orchard Brands provides quality products to consumers through the direct channels of catalog, Internet and retail, with a relentless focus on delivering superior service. Orchard Brands consists of the brands Appleseed's, Blair, Draper's & Damon's, Gold Violin, Haband, Norm Thompson, Sahalie, Solutions, Tog Shop, and WinterSilks.
About Golden Gate Capital
Golden Gate Capital is a San Francisco-based private equity investment firm with over $9.0 billion of capital under management dedicated to investing in change-intensive opportunities. The firm's charter is to partner with world-class management teams to make equity investments in situations where there is a demonstrable opportunity to significantly enhance a company's value. For more information, visit www.goldengatecap.com.