Private equity firm CCMP Capital Advisors LP is acquiring a controlling interest in Badger Sportswear, maker of team uniforms and sports fan-wear. Company founders Jerry and Bill Carr will continue to have equity in the company, and Jerry Carr will stay as CEO and chairman of the board of directors.
Badger, based in Statesville, North Carolina, manufactures and supplies uniforms, T-shirts, fleeces, shorts, pants and outerwear for team dealers, decorators and wholesalers in the U.S., as well as for college bookstores and sporting goods retailers. The family-owned company was founded in 1971.
CCMP Capital, based in New York, focuses on middle market deals, investing $100 million to $500 million in North American and European companies, primarily in consumer, industrial and healthcare sectors. Among its recent deals, CCMP acquired footwear company Shoes For Crews from AEA Investors.
Recent apparel- and sports-gear- related deals have included Charlesbank Capital Partners LLC buying Polyconcept--supplier of shirts, bags and other promotional gifts-- from Investcorp and 3i Group; TSG Enterprises LLC, a hockey and lacrosse equipment retailer, buying rival Total Hockey Inc.; and L Catterton acquiring Hanna Andersson, a children’s apparel retailer, from Sun Capital Partners Inc.
The Badger transaction is expected to close in September; terms were not disclosed. Robert W. Baird & Co. is the financial adviser to Badger on the deal, with McGuireWoods LLP as legal adviser. Ropes & Gray LLP is serving as legal adviser to CCMP.