PNC Equity Partners provided an unspecified amount of cash to Revolution Inc., maker of Revolution Dancewear. The company will join another PNC portfolio asset, The Orthotic Group, which makes orthopedic footwear for sale in Canada.
“They both have leading market positions within fragmented channels of distribution,” said Jack Glover, partner of PNC Equity Partners, speaking with the M&A Journal.
Glover was joined in the transaction by PNC vice presidents Mike Hand and Michael Rost; all three will be on Revolution’s board of directors going forward.
Lately, PNC has been on a bit of a roll making deals. Last month, it bought Wheaton Industries Inc., a New Jersey-based maker of lab packaging products. It also acquired Oracle elevator Company, a non-union elevator maintenance and repair company with locations all over the US. Glover said that, with the unspecified Revolution investment, the PE firm’s second fund is about 70% deployed.
MTN Capital, the New York-based private equity firm, was a co-sponsor of the deal.
Deals in the clothing and sporting goods space have grown in recent months. Most notably was the March deal in which Phillips-Van Heusen acquired Tommy Hilfiger Corp. from Apax Partners for $3 billion. Additionally, more sporting goods deals, like the Kohlberg Sports Group’s acquisition of New York-based Maverik Lacrosse, have taken place in recent months.