Michigan-based outdoor apparel gear retailer Moosejaw has received an undisclosed investment from private equity firm Glencoe Capital’s Michigan Opportunities fund.
“We are extremely pleased to find a Michigan-based company that offers sterling opportunities for revenue growth and the promise of expansion in the state,” says David S. Evans, chairman and CEO of Glencoe Capital. “Moosejaw presents a compelling story in the specialty outdoor active apparel and equipment marketplace, with national reach and highly loyal customers.”
The retailer, known for its quirky personality, operates a retail web site, catalog business and 14 retail stores in Michigan and Illinois.
“Moosejaw has developed a strong following through unique branding and its customer interaction strategy, which includes a significant and growing online presence as well as followings on Twitter, Facebook and Flickr,” says Jason Duzan, managing director of the Michigan Opportunities Fund, which is based in Birmingham, MI.
Moosejaw is No. 257 in the Internet Retailer Top 500 Guide (a PDF version of the company’s financial and operating profile can be ordered by clicking on its name).
Moosejaw’s CEO Harvey Kanter says the retailers will use the money to drive its online presence and to enter new retail environments for outdoor active apparel and equipment.
Moosejaw is the Michigan Opportunity Fund’s third investment. The fund makes investments in and acquisitions of Michigan-based companies as well as companies expanding into the state.
Managed by Glencoe Capital, the fund invests in companies with either future growth potential or in situations where operational improvements will create additional value. Investment targets are lower middle-market companies with earnings before interest, taxes, depreciation and amortization of at least $3 million and with minimum equity capital requirements of $10 million.
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