Greenwich, CT - Brynwood Partners L.P. today announced that it has completed the sale of Utrecht Manufacturing Corporation ("Utrecht") to Topspin LBO.
Utrecht is a leading multi-channel retailer of art supplies, with 35 stores nationwide. The company also sells its own brand of paints, canvas, and other art products, which are found exclusively at Utrecht locations and select independent dealers. Utrecht was an investment in Brynwood Partners III.
George J. Muench, President and CEO of Utrecht, will remain with the company under its new ownership. He stated, "We are very excited about the opportunity to continue building the Utrecht brand with our new partners. Topspin's experience in retail and consumer products will be helpful as we consider various avenues of growth."
Hendrik Hartong, Jr., Senior Managing Partner of Brynwood Partners said: "We are happy with the sale of Utrecht to Topspin LBO. Utrecht is a great franchise and has a strong future with its new owners."
Steve Lebowitz, Managing Director of Topspin LBO, said, "This investment is a great way to start off our new fund. The business has significant momentum, and we look forward to working with George and his team in maintaining and building on it."
Founded in 1984, Brynwood Partners is a private equity fund which makes control investments in lower middle market companies targeting consumer products, light industrial manufacturing, specialty retailing and business services. The principals of Brynwood Partners have made investments in 21 portfolio companies and have successfully partnered with management to grow businesses through the financial and operational support that Brynwood Partners uniquely provides. Additional information on Brynwood Partners can be found at www.brynwoodpartners.com.
Topspin LBO is a Long Island, NY-based private equity fund that makes control investments in small businesses with $15 million to $75 million of revenues. The firm is generalist in approach but often invests in sectors such as consumer products, retail, security, media and publishing, business services, and niche manufacturing. The team at Topspin LBO has considerable industry operations expertise and has partnered with management teams in building businesses of varying stage, size and sector, both at Topspin as well as prior firms. Additional information on Topspin LBO can be found at www.topspinlbo.com.