Gores Group Invests in Big Strike, Inc.
June 1, 2011
The Gores Group, a leading Los Angeles based private equity firm, announced that it has made an investment in Big Strike, Inc. Financial terms of the transaction were not disclosed. Big Strike, which is based in Gardena, California, designs and manufactures casual and career junior lifestyle apparel for women. The company’s products are marketed under the Heart Soul, Soulmates, Free to Love, Halo and the recently acquired Tracy Evans brands (Tracy Evans, Star City and First Option). These labels are currently sold through major channels such as Kohl’s, JC Penney, Dillards and many others. Lars Viklund, President of Big Strike, said “The Gores Group is an ideal partner to help take Big Strike to the next level. They have incredible strategic and operational capabilities, with access to an abundance of capital that can be used to support our anticipated growth. Together we will take advantages of the opportunities we see in our marketplace, and build the necessary infrastructure to capitalize on our full potential."
“Big Strike is a great company, with terrific product lines, and strong relationships with many of the best retailers in the industry. We look forward to partnering with Big Strike’s current management team, and founders, Lars Viklund, Jodi Sundberg, and Kevin Talbot, to realize the full potential of the business,” said Jeff Schwartz, Managing Director of The Gores Group. “The acquisition of Big Strike demonstrates our commitment to the consumer and retail space, where we see many potential opportunities.”
Big Strike also announced that Paula Schneider has been appointed as Chief Executive Officer to work alongside the current senior management team and the founders to aid them as they continue to grow the business. Schneider is an industry veteran whose prior roles include President of Warnaco’s Swimwear brands including Speedo, President of Laundry by Shelli Segal, a former division of Liz Claiborne, and President of Sales at BCBG Max Azria. Big Strike was advised by The Sage Group LLC.
About Big Strike, Inc.
Big Strike, Inc is a leading designer, manufacturer and wholesaler of casual and career junior lifestyle apparel for women, marketed under the Heart Soul, Soulmates, Free to Love, Halo, Tracy Evans, Star City, and First Option brands. Big Strike, Inc. is headquartered in Gardena, CA. For more information, please visit www.bigstrikeinc.com
About The Gores Group, LLC
The Gores Group, LLC is a private equity firm focused on acquiring controlling interests in mature and growing businesses which can benefit from the firm's operating experience and flexible capital base. The firm combines the operational expertise and detailed due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer. The Gores Group, which was founded in 1987 by Alec E. Gores, has become a leading investor having demonstrated over time a reliable track record of creating substantial value in its portfolio companies alongside management. The firm's current private equity fund has committed equity capital of more than $4 billion. Headquartered in Los Angeles, The Gores Group maintains offices in Boulder, CO, and London.
For more information, please visit www.gores.com
For more information, please contact:
Sitrick And Company