Gryphon Investors lassoes Sheplers Inc.
Private equity firm Gryphon Investors has acquired Sheplers Inc., a multi-channel western wear retailer. Gryphon acquired Sheplers from Jabara Ventures Group and Sheplers management. Terms of the deal were not disclosed
Along with the transaction, Sheplers announced that CEO Mike Anop will retire and will be succeeded by Mark Syrstad, former president and CEO of Crafts Retail Holdings Corp.
Sheplers, No. 383 in the Internet Retailer Top 500 Guide, was founded in 1899. The company offers men’s, women’s, and children’s western boots, jeans, apparel, décor gifts, and accessories in 19 stores concentrated in the Midwest, Southwest and West. It also markets through a catalog and the Sheplers.com web site.
“Sheplers is extremely well-positioned in its industry and has a truly differentiated knowledge of the western lifestyle and experience,” says Kurt Kaull, a partner with Gryphon Investors. “Based on our experience in investing in consumer product and specialty retail companies, we believe Sheplers is a uniquely successful business in its category, and we are excited by the opportunity to work with the Sheplers team to grow the business organically, through new store openings and store acquisitions.”
Wachovia Securities served as financial advisor to Sheplers shareholders, and Kirkland & Ellis acted as legal advisor to Gryphon Investors.
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