Portfolio Company News: Filson Holdings
Los Angeles, CA – Brentwood Associates (“Brentwood”), a leading consumer-focused private equity investment firm, announced it has completed the sale of Filson Holdings, Inc. (“Filson”), one of the oldest American brands of premium outdoor apparel and accessories, to Bedrock Manufacturing Co. (“Bedrock”). Terms of the transaction were not disclosed.
Since acquiring Filson, Brentwood has assembled a talented senior management team, led by Chief Executive Officer, Mark Korros, to leverage the strength of Filson’s brand heritage and execute an aggressive growth strategy. Under Brentwood’s ownership, Filson has accelerated product development, grown its direct-to-consumer business significantly by expanding catalog marketing, launching an award-winning website and implementing innovative e-commerce marketing strategies, and expanded its wholesale distribution among outdoor and premium specialty retailers.
Roger Goddu, Partner at Brentwood, commented, “The Filson management team under Mark Korros’ leadership has done a tremendous job executing on the company’s growth initiatives. The team has broadened Filson’s product offering in core outdoor categories while also expanding the offering of casual apparel, luggage and accessories. With a steadfast commitment to Filson’s century-old motto of ‘Might as Well Have the Best,’ we are confident the company will continue to thrive under new ownership.”
Steve Moore, Partner at Brentwood, added, “Filson is an iconic heritage brand that continues to grow its base of highly loyal customers through its multi-channel distribution platform. The company has successfully expanded its ‘share of wallet’ with its loyal outdoor enthusiast customers while also capitalizing on the aspirational appeal of the Filson brand to attract new customers and achieve growth across all channels. Filson’s business model is well positioned as consumers become increasingly channel-agnostic and demand a seamless shopping experience.”
Commenting on Filson’s partnership with Brentwood, CEO Mark Korros said, “Brentwood has been an extremely supportive partner, providing us with the resources necessary to revitalize our products and to increase sales across multiple channels. Brentwood’s multi-channel marketing expertise has helped accelerate growth at Filson and has positioned Filson well for continued success with Bedrock.”
Robert W. Baird & Company acted as financial advisor to Filson and Brentwood in connection with the transaction.
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Filson Holdings, Inc.
Founded in 1897 as a supplier of clothing and blankets to the “stampeders” of the Klondike Gold Rush, Filson designs, manufactures and markets premium apparel, luggage and accessories for the outdoor enthusiast. Filson’s rugged yet comfortable outdoor, workwear and lifestyle products are a fixture among outdoorsmen, workers, hunters and fishermen, as well as anyone who has a passion for the outdoors. Renowned for proprietary fabrics such as heavyweight Tin Cloth, warm, rugged Mackinaw Wool and Bridle Leather, Filson’s quality products have made it a trans-generational brand. The company has an integrated multi-channel distribution model, offering its customers a seamless shopping experience through its direct-to-consumer platforms, consisting of catalogs, a dynamic and recently enhanced website (www.filson.com) in addition to its retail stores, and wholesale channels, consisting primarily of outdoor and specialty retailers along with international distributors.
Brentwood Associates is a leading consumer-focused private equity investment firm with over $650 million of capital under management and a thirty-year history of investing in leading middle-market growth companies. Brentwood focuses on investments in growing businesses where it is able to leverage its extensive experience in areas such as: branded consumer products; consumer services; direct marketing, including direct mail and e-commerce; education; health and wellness; restaurants; and specialty retail. Since 1984, Brentwood’s dedicated private equity team has invested in 40 portfolio companies with an aggregate transaction value of over $5 billion. With significant experience in both investing and brand building, Brentwood is a value-added partner with entrepreneurs and executives building world-class companies. For more information about Brentwood, please visitwww.brentwood.com.
Bedrock Manufacturing, Co.
Bedrock Manufacturing is a Dallas, TX based, design and manufacturing group that is home to a growing stable of design-led, global brands that span across a broad number of categories from apparel and entertainment to retail and utility goods, including Clare Vivier, MOLLUSK, SHINOLA and Steven Alan.