Spiegel Brands Acquires Carabella and A.B. Lambdin
NEW YORK, Sept. 6 /PRNewswire/ -- Spiegel Brands Inc. and Golden Gate Capital today announced the completion of their acquisition of Carabella Corporation and its Carabella and A.B. Lambdin catalog businesses. New York- based, Spiegel Brands Inc. is the parent company of Spiegel Catalog, Newport News Catalog and Shape FX. Carabella and A.B. Lambdin brands were founded in 1983 and 1981 respectively and are recognized as leaders in the direct swim and evening wear market. Carabella Corporation is headquartered in Irvine, California. "We are thrilled to welcome Carabella and A.B. Lambdin to the Spiegel Brands family," said Geralynn Madonna, President and CEO of Spiegel Brands Inc. "The addition of Carabella and A.B. Lambdin gives us a great opportunity to serve a larger share of the growing swimwear market and capitalize on the growth opportunities in relation to our existing businesses." Echoing these sentiments, Houshang Jalili, Carabella Corporation's Chairman and President added, "This is a very exciting time and a very positive partnership for Carabella and A.B. Lambdin." With Spiegel Brands' expertise in specialty retail and Golden Gate Capital's strong financial backing we have found the best possible partner for the future. We look forward to being a part of this great family of brands and to continuing to offer the excellent merchandise and customer service that our loyal customers have come to expect." "We are very excited about the addition of Carabella and A.B. Lambdin to the Catalog Holdings family of women's apparel and specialty brands," said Stefan Kaluzny, a Managing Director at Golden Gate Capital. "With the addition of the two brands, we have significantly increased our offerings of swimwear and elegant eveningwear. Furthermore, adding Carabella's two brands to our eight existing catalog titles creates ever greater opportunities for each to benefit from the scale and expertise of the group." Following the successful acquisitions of Newport News and Spiegel in the summer of 2004, Appleseed's and Draper's & Damon's in November 2005, and Norm Thompson Outfitters in March 2006, Golden Gate Capital has become one of the leading investors in the women's specialty retail market, with a focus on the direct channel. While each of Golden Gate's ten catalog titles continue to operate independently, there exist significant opportunities for each to benefit from being part of an industry-leading portfolio. With the acquisition of Carabella, Golden Gate's direct apparel portfolio will have annual gross sales in excess of $1 Billion. Golden Gate continues to seek additional acquisitions of similar brands. Financial terms of the transaction were not disclosed. About Carabella and A.B. Lambdin Founded in 1983 and 1981 respectively, Carabella and A.B. Lambdin are recognized as leaders in the direct swim and evening wear market. Well known for their trademark swim offers, the brands have over the years expanded to include shoes, sportswear, activewear and special occasion dressing; all available through their respective catalogs and websites: www.carabella.com, www.ablambdin.com. About Spiegel Brands Inc. Spiegel Brands Inc. is one of the nation's leading direct marketers of women's apparel. Headquartered in New York City, the Company manages three brands: Newport News, Spiegel and Shape FX, each committed to fulfilling the needs of their respective audiences with exceptional product, engaging presentation and extraordinary customer service. Spiegel Brands Inc. is part of Catalog Holdings - Golden Gate Capital's women's apparel holding company. Spiegel's sister titles include Appleseed's, Drapers & Damon's, The Tog Shop, Norm Thompson Outfitters, Solutions, Sahalie, and now Carabella and A.B. Lambdin. About Golden Gate Capital Golden Gate Capital is a San Francisco-based private equity investment firm with approximately $2.5 billion of capital under management. Golden Gate Capital is dedicated to partnering with world-class management teams to invest in change-intensive, growth businesses. Golden Gate targets investments in situations where there is a demonstrable opportunity to significantly enhance a company's value. The principals of Golden Gate Capital have a long and successful history of investing with management partners across a wide range of industries and transaction types. For additional information, visit www.goldengatecap.com.
SOURCE Spiegel Brands Inc
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