Monday, December 26, 2011
BY CHRIS SIEROTY
Marwit Investment Management LLC has sold Western apparel retailer Boot Barn to another private equity fund for an undisclosed price.
The transaction, which includes four outlets in Southern Nevada, is the first sale by Marwit’s second fund, Marwit Capital Partners II. The $184 million fund typically invests in businesses with revenues of $20 million to $200 million, with a focus on investments in California and the West Coast.
Marwit acquired the Irvine, Calif.-based retailer in 2007 in partnership with the retailer’s CEO, Patrick Meany.
“The management team at Boot Barn … executed the growth plan and Marwit’s vision for this business virtually flawlessly during our tenure as owners and helped Marwit drive a superior investment result,” said Chris Britt, Marwit’s managing partner. “This was particularly noteworthy considering it was accomplished during a challenging economic period.”
During its ownership, Marwit oversaw three acquisitions that added 45 stores, the opening of 13 new locations and an expanded retail footprint from three to eight states.
The buyer is Freeman Spogli & Co., which focuses on retail services, distribution and consumer products.
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