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PATRIARCH PARTNERS, LLC ACQUIRES SPIEGEL BRANDS, INC.
Clear Thinking Group served as exclusive Financial Advisor to the Company in this transaction.
Contact Adam Cook for more information.
NEW YORK, NY (6/18/09) /PRNewswire/ — Patriarch Partners, LLC ("Patriarch") announced today that Signature Styles, LLC, a newly-formed company controlled by investment funds managed by Patriarch, has acquired substantially all of the operating assets of Spiegel Brands, Inc. and affiliates ("Spiegel").
"We are excited to write a new chapter in the great history of this iconic American brand. Spiegel is the Yellow Pages of catalogs; the Spiegel catalog has been a staple in American households for decades," said Patriarch CEO Lynn Tilton. "We look forward to working closely with Geralynn and her team to bring new innovation to this collection of legacy brands," Tilton continued. "Spiegel's success has long been built upon the strength of its customer relationships, and we will enhance those through meeting the needs of our customers in the face of this challenging economic environment."
"Today is a great day for our company. Today we move forward and leave recent financial troubles behind," Spiegel President & CEO Geralynn Madonna said. "Lynn's vision for the company and understanding of customer service are clear. We look forward to continuing to serve our dedicated customers, honoring gift cards and continuing club loyalty programs."
"Put simply, the Spiegel catalog is a big-box retailer in a book (and online), for fashion-conscious women. We intend to delight the many loyal Spiegel and Newport News customers, as well as recent Shape fx devotees," Tilton added.
About Patriarch
Patriarch is a vertically-integrated private equity firm with robust in-house operational turn-around expertise. Founded in 2000, Patriarch was built upon a patented financial model designed to manage and monetize the distressed portfolios of financial institutions. Patriarch has since evolved into a global investment firm that concentrates on direct investments in and the transformation of complex businesses, building large industry platforms. Patriarch manages funds with over $6 billion of equity and secured loan assets, with equity investments in more than 70 companies and controlling interests in approximately two-thirds of these. For more information, please visit www.patriarchpartners.com.
About Spiegel
Spiegel has long been the bellwether of women's apparel catalogs. The Company sells all types of apparel directly to customers under the Spiegel, Newport News, and Shape fx brands. Spiegel has always and will continue to represent high-quality, affordable apparel designed for fashion-conscious American women.
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SOURCE: PRNewswire / Patriarch Partners, LLC |
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