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August 4, 2004
Huron Capital Sponsors Recapitalization of Leading Apparel Accessories Business
Huron Announces Second Transition in Three Weeks
Detroit, MI – August 4, 2004 // Huron Capital Partners announced today that it has made a significant investment in Northern Cap & Glove Mfg LLC in partnership with Ken Rafowitz and Ivan Rafowitz, current owners and operators of the business. Northern Cap & Glove designs, produces and markets an extensive line of branded and private label headwear, gloves and scarves for men, women and youth in all levels of retail trade, including mass merchants, national chains, catalog and direct marketer, specialty retailers, branded apparel companies and department stores. The Company has licenses to market headwear, gloves and scarves under the Dockers®, GoreTex® and U.S. Ski Team® brand names in addition to its branded private label programs.
Michael R. Beauregard, a Partner at Huron, stated, “We are thrilled about our new partnership with Ken and Ivan and their successful team at Northern Cap. The Company has a proven history of developing product platforms for branded and private label customers and we look forward to supporting the business with growth capital as it builds breadth to its product offerings and brand portfolio.” Ken Rafowitz added, “We are excited about Huron’s ability to provide strategic support and brand licensing opportunities to continue our growth as a full-service provider to leading retailers and lifestyle apparel companies throughout North America.” Ken Rafowitz and Ivan Rafowitz will continue in their roles as Chief Executive Officer and President, respectively.
Huron Capital Partners LLC
Huron Capital is one of the leading private equity firms investing in lower middle-market companies. The firm typically invests between $5 million and $20 million in equity to sponsor management buyouts, recapitalizations, and corporate spin-offs of well-positioned companies having revenues up to $200 million. Huron’s strategy is to partner with strong management teams at niche manufacturing, specialty service, and value-added distribution companies that can be built through acquisition and organic growth.
Huron Capital has invested in 11 companies through its current fund and has achieved top-quartile returns for its limited partners. Based on the success of its current fund, Huron expects to formally begin fundraising efforts for its next fund later this year with a target size of $150 million.
For Further Information, Contact:
Mike Beauregard, Partner
(313) 496-1050 | mbeauregard@huroncapital.com