Industrial Renaissance and Sr Management Recapitalize Russell-Newman
OCTOBER 12, 2007. Senior management of Russell-Newman, Inc. and private equity firm Industrial Renaissance completed a recapitalization of Denton, TX and New York, NY based Russell-Newman. Russell-Newman is a leading designer, developer, marketer and distributor of intimate apparel for women, men, and children; and whose principal products are robes, sleepwear and loungewear.
"We are very fortunate to have partnered with such a deeply committed and talented management team that will maintain a significant ownership stake in the business," said Eric Hamburg, President of Industrial Renaissance. "This merger is evidence of our commitment to a proactive strategy of integrating and growing a global network of leading product providers that will together become strategic suppliers to retailers and consumers worldwide. Russell-Newman has built the outstanding infrastructure, systems and distribution capabilities to become a platform for further strategic mergers or acquisitions in the intimate apparel industry".
"We are excited and fortunate to have found a partner like Industrial Renaissance," said Jim Martino, Chairman of Russell-Newman. "We have common respect for each others' skills and talents and share a common vision to build a very large and successful company". Terms of the transaction were not disclosed.
Established in 1939, Russell-Newman is one of the premier intimate apparel houses in the industry, today creating, producing, selling and distributing products in multiple retail channels, including well-known brands and products such as Tommy Hilfiger sleepwear and robes for women; Laura Ashley sleepwear and robes for women; Caribbean Joe sleepwear, robes, loungewear and daywear for men, women and children; Cypress sleepwear, robes and innerwear for women; Babygro sleepwear for new-borns; Twig sleepwear for boys and girls from infants to size 14; Jockey men's sleepwear; premium robes, towels and sheets for the hotel industry; and numerous private label programs for department, mass and specialty stores. For more information, visit www.russellnewman.com.
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