TORONTO, July 15, 2015 /CNW/ - Re:Capital, the Canadian arm of Hilco Capital, has acquired hat and travel clothing designer and manufacturer, Tilley Endurables, for an undisclosed sum.
The company, which was founded by entrepreneur Alex Tilley in 1980, is famous around the world for the iconic Tilley Hat, an extremely high quality, hardwearing hat. The Tilley Hat was borne out of Alex Tilley's frustration with the poor design and quality of sailing hats then on the market, leading him to embark on a quest to create a proper hat, one in keeping with the quality and design of his sailboat. From its initial success with the sailing fraternity, Tilley Hats quickly became the headgear of choice for hikers, hunters, fishermen and even the Canadian military.
Tilley Hats enjoy a fiercely loyal following among adventurers and travellers the world over thanks to their quality, practicality and durability, with customers frequently relating their Tilley tales to the company. Tilley Hats have emerged unscathed from the jaws of a lion and the digestive system of an elephant (three times over).
With the success of the original Tilley Hat in 1984, the company expanded the range to include variations on the classic design for different environments, together with similarly well-designed and made travel clothing and accessories.
The company employs over 200 people across its manufacturing, wholesale and retail operations in Canada and wholesale operations in the UK and USA. Tilley Hats are made by hand in Canada in a process involving 41 steps, 23 pairs of hands and 15 pieces of fabric.
Tilley's products are stocked in more than 2,500 stores worldwide.
Paul McGowan, CEO of Re:Capital, said: "Alex Tilley has built a great business and a very strong brand around phenomenal products over the last 30 years. We're delighted to pick up the mantle and draw on Re:Capital's expertise and resources to grow the business further and take Tilley to new markets around the world."
Stephen Moore, Investment Director of Re:Capital Canada, commented: "Tilley is a proudly local business, which has grown organically into a brand with global reach, in large measure through the spirit of adventure of its founder, staff and clients. At Re:Capital, we are dedicated to collaborating with Canadian businesses to find solutions to competitive challenges and to enhance stakeholder value."
Notes for editors:
Re:Capital is a multidimensional financial services business investing its own capital in stressed and distressed situations across the globe.
Major Canadian investments include the acquisition of entertainment retailer, HMV Canada, in 2011 and flooring manufacturer and distributor, Kraus Group, in 2012.
With over 100 transactions in the last ten years, Re:Capital is the leading operator in the retail restructuring sector in the UK and has a number of subsidiary companies throughout Europe and in Canada.
In recent years Re:Capital has developed significant capabilities in the distressed manufacturing, wholesale and distribution sectors with many recent transactions coming from outside the retail sector. With first line access to up to $250m of investment capital, Re:Capital is one of the major investors in mid-market distressed corporate debt.
SOURCE Tilley Endurables