It’s a whole new chapter at Paige Denim. The “affordable luxury” brand with a focus on premium denim announced yesterday that has entered into a partnership with TSG Consumer Partner, a leading US private equity investor that focuses exclusively on high-growth consumer brands. TSG manages more than $2.9 billion in equity capital and has previously partnered with companies such as Smashbox Cosmetics and Alexis Bittar.
“We are honored to be partnering with TSG–we look forward to strategizing with them to make sound, educated decisions regarding our growth,” Paige Adams-Geller, Paige Denim’s cofounder and creative director, told Sportswear International. “They are known for their great success in the building of consumer branded products and we so look forward to working with them. We are excited at the idea of expanding our international business, our men’s denim range and other product categories but no specific plans have been made at this time.”She added, “They have demonstrated a keen understanding of our unique, highly differentiated positioning.”
Adams-Geller, a former fit model, cofounded the company with her husband Michael Geller and business partner Michael Henschel in Los Angeles in 2004. The brand now produces men’s, women’s, maternity and petites collections that are sold at leading retailers in more than 80 countries and at its own boutiques in Los Angeles, Las Vegas and New York.
The terms of the transaction were not revealed. Allie Geller, Paige Denim’s head of public relations, would not even say if TSG’s investment was a minority or majority one. “There is no comment on that front,” she said. “Current owners Paige Adams-Geller, Michael Henschel and Michael Geller have a substantial stake in the company. However, we are unable to disclose the exact terms of the agreement.”
However, Adams-Geller did reveal that Paige Denim was not seeking additional backing prior to the deal: “TSG actually approached Paige Denim. Our brand is very profitable and we have, and continue, to show significant growth. TSG recognized us as a leader in the premium denim category and upon further research we saw an opportunity for us to partner together to expand the brand with a valuable working partner.”