E-commerce grew 20% for Costco in fiscal 2015—20 times faster than store sales.
The western wear retailer is acquired by Freeman Spogli for an undisclosed amount.
Specialty apparel retailer Boot Barn Inc. is under new ownership.
Boot Barn, No. 463 in the Internet Retailer Top 500, has been acquired by investment banking firm Freeman Spogli & Co. from Marwit Capital for an undisclosed sum.
Boot Barn, which generated web sales of about $14.3 million in 2010 and operates a network of 85 stores in California, Nevada, Arizona, New Mexico, Wyoming, Colorado, Oregon and Montana, will continue to be headed up by CEO Patrick Meany, the company says.
“As we embark on the next chapter of our growth plan, Freeman Spogli’s expertise in the retail and consumer industries will be an important resource to us as we grow into new markets and expand our e-commerce presence,” says Meany.
Since 1983, Freeman Spogli has invested over $2.9 billion in 46 portfolio companies with aggregate transaction value of over $17 billion, the company says. In September Freeman Spogli sold kitchenware retail chain Sur La Table Inc. (No. 378), to Investcorp for an undisclosed sum.
Freeman Spogli is acquiring Boot Barn for its niche multichannel retail opportunities, the company says. “Boot Barn’s customers value the company’s broad selection, strong customer service and convenient shopping options both in stores and online,” says general partner Brad Brutocao. “We are pleased to become a long-term investor in the company and look forward to helping Boot Barn continue its growth.”
Boot Barn sells western and work boots, jeans, shirts, outer wear, protective work wear, accessories, belts and jewelry. Featured brands include Wrangler, Ariat, Justin, Carhartt, Wolverine, Levi’s and Resistol.