Marwit Capital Announces Investment in Boot Barn
Newport Beach, CA – October 1, 2007 – Marwit Capital Partners II, L.P. announced today that it has acquired western footwear and apparel retailer Boot Barn in partnership with president Patrick Meany, founder Ken Meany, and John Turnbull, an experienced retail executive. Upon completion of the transaction, Patrick Meany was promoted to Chief Executive Officer and John Turnbull joined the Company as President and Chief Financial Officer. The Meany family made a significant reinvestment, led by Patrick Meany, in Boot Barn alongside Marwit and will continue to own a substantial stake in the Company as it pursues its next phase of growth.
“We are very pleased to have partnered with the Meany family in this transaction,” said Chris Britt, Marwit Managing Partner. Mr. Britt continued, “Boot Barn’s scale, footprint and customer loyalty make it an excellent platform for further expansion in the Western-themed specialty retail sector.” “We look forward to our partnership with the Meany family and John Turnbull,” added David Browne, a Principal of Marwit. “Pat Meany’s operating experience, together with Ken Meany’s strategic savvy and John Turnbull’s operating and financial background with growing retailers all bode well for the Company’s continued success.”
“With over 30 retail units, Boot Barn will really be able to benefit from Marwit’s many years of experience growing and financing businesses that have reached the stage of growth that we have now attained,” commented Pat Meany, CEO of Boot Barn. “We sought a partner who could help us take our business to the next level and are delighted to have found those qualities in the team at Marwit,” he continued.
Headquartered in Orange, California, Boot Barn is one of the largest specialty retailers of western and work footwear and apparel in the U.S. and the largest in California. The Company operates 32 retail stores in California, Nevada and Arizona as well as its online store, www.bootbarn.com.
About Marwit Capital
Marwit invests in lower middle market “micro cap” businesses that are leaders in niche markets, have revenues of $15 to $125 million, EBITDA of $3 to $15 million, and enterprise values generally less than $50 million. In all instances, Marwit partners with experienced CEO Partners and management teams that invest alongside the Fund, and actively collaborates with them to create value. The firm specializes in management buyouts, platform LBO acquisitions in partnership with experienced industry executives, recapitalizations, and later stage growth and expansion investments. Marwit generally invests $10 to $20 million of equity capital per Portfolio Company, in one or a series of investments, and has invested more than $250 million since 1995. MCP II completed its final closing on August 15, 2007 at $183 million of committed capital.