CSG Partners Closes ESOP Buyout for EVY of California
SAN FRANCISCO, Jan. 16, 2013 /PRNewswire/ -- CSG Partners, LLC announces that it served as financial advisor to Evy of California, Inc., a leading Los Angeles girls' apparel company, in its recent sale of a minority equity interest to a newly formed Employee Stock Ownership Plan (ESOP).
EVY designs, sources, imports and distributes branded, licensed, and private label dresses and sportswear to a wide range of department stores, specialty, discount and club retailers across the U.S. The company was founded in 1948 and operates additional offices in New York, Seattle; Puebla, Mexico; and Shanghai, China.
"I attribute our company's achievements over its 65 year history to our hard working management team and our dedicated work force. Evy has grown significantly and we wanted to share our past and future success with our treasured employees," said Kurt Krieser, the company CEO. "Implementing an ESOP was a superior alternative for the company, for our people and for the owners. An ESOP is an exceptional way to reward employees for their continued contribution, loyalty and hard efforts and it positions our company for sustained future growth," he added.
Eitan Milstein, the Managing Director of CSG Partners' San Francisco office, led the CSG transaction team. He commented, "The ESOP buyout was an ideal solution for everyone involved. ESOPs provide an attractive and tax efficient liquidity strategy for the selling owners, tax incentives for the company, and exceptional benefits for the employees, who will now become owners of EVY. CSG Partners was privileged to have advised EVY on this exciting transaction."
"The ESOP buyout is a thrilling opportunity for the company and its employees. We were very fortunate to have Eitan and the CSG team lead us through the ESOP process. Their level of expertise, professionalism, and responsiveness to our needs was outstanding. We were continually impressed with their ability to navigate complex issues and to deliver everything they promised and more," continued Mr. Krieser.
ABOUT EVY OF CALIFORNIA
Evy of California, Inc. owns and operates apparel and accessory brands for juniors and girls. It offers tops and dresses, tee shirts, sportswear, scents, tunic tops and legging sets, woven shirts, screen printed tees, denims, sweaters, bottoms, hoodies, and related separates. The company also provides special occasion dresses, party attires, whimsical tutu dresses, fun and playful skirts, and fashion tops; and electronics, toys, stationery, collectibles, and more. It offers its products through retailers, department stores, and specialty stores in the United States. www.Evy.com
ABOUT CSG PARTNERS
CSG Partners, LLC is a boutique investment bank specializing in ESOPs, mergers and acquisitions, and capital advisory services for middle-market companies. Our clients have spanned the full middle-market spectrum, with values ranging from $10 million to $500 million. Founded in 2001, the firm has built a reputation of having the nation's preeminent ESOP investment banking practice. The firm has closed well over 100 ESOP transactions for companies with an aggregate value exceeding $7 Billion. CSG Partners operates from offices in New York and San Francisco. More information on the firm can be found at www.csgpartners.com
SOURCE CSG Partners, LLC