NEW YORK, Dec. 14, 2010 /PRNewswire-FirstCall/ -- I.C. Isaacs & Company, Inc. (Pink Sheets: ISAC), a design, marketing and sourcing company of upper-end niche branded apparel, today announced that Ernest K. Jacquet, 63, a long time investment banker and private equity fund manager, has been elected non-executive chairman of the board of the company. Mr. Jacquet holds a majority controlling interest of I.C. Isaacs, and has served on the company's board since 2008.
Ernest Jacquet is a founder and Managing Partner of Mentor Partners, a consulting and private equity firm focused on middle market companies. Previously he co-founded Parthenon Capital, a $1.7 billion private equity firm, and served as a General Partner at Summit Partners, a $3 billion venture capital firm, where he founded their buyout group. Prior to Summit, he was a principal with Bain Capital. He began his financial markets career with Morgan Stanley.
Mr. Jacquet was former chairman and since 2000 has served on the board of directors of Interline Brands, Inc. (IBI) a leading Maintenance, Repair and Operation (MRO) distribution company. During this period, IBI embarked on a roll up strategy, growing to annual sales of over $1 billion.
"As the majority shareholder, Ernest understands and appreciates the potential of our unique platform for upper-end niche branded apparel and accessories," said Bob Stec, CEO of I.C. Isaacs. "His knowledge of our industry and his extensive experience in the financial markets give us a needed and valued resource to help support our goals in both the near and long-term."
"Under Bob Stec's leadership, Isaacs has re-established and repositioned its core brand and expanded its brand portfolio, strengthened its financial footing and created a solid foundation for future growth," said Ernest Jacquet. "Isaacs is entering a period of great opportunity and promise, and I am excited to be part of the next chapter in its long history."
About I.C. Isaacs & Company, Inc.
I.C. Isaacs & Company is a designer, merchandiser and marketer of upper-end niche branded apparel and accessories sold in leading department and specialty stores. The company operates a disciplined and focused marketing and sourcing platform for a diverse growing portfolio of both licensed and owned brands. U.S. marketed brands currently include the "European Blue Line " of Marithe & Francois Girbaud for young men, and Flow Society, authentic lacrosse lifestyle gear for young men, women and boys, which is owned by Isaacs. The company is growing a stable of sustainable niche brands across higher end categories and consumer segments that combine the best of function, form and fashion. For more information please visit the company web site at www.passportbrandsinc.com; www.liveontheflygirbaud.com; www.flowsocietylacrosse.com
The information posted in this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated.
SOURCE I.C. Isaacs & Company, Inc.