US: BTWW, Corral West in workwear merger
BTWW Retail has merged with Corral West Ranchwear, creating what is said to be the "largest and most diversified" Western and workwear retailer in the US.
After the merger is complete, the company will boast a chain of 138 retail outlets in 20 states.
Moreover, the combined firm will look to aggressively grow its presence via a combination of new store openings and acquisitions.
Corral West's CEO Leslie Ball - ex-chairman of Macy's Midwest and president of Macy's East - plus executive VP and CFO Larry Hager will assume senior management roles and retain their respective titles of CEO and CFO.
Meanwhile, John Talbot of BTWW and Steve Farkas of Corral West will assume the roles of divisional president and senior VP, respectively.
Luther King Capital Management (LKCM) and Sage Capital Partners, the financial sponsors of BTWW and Corral West, reaffirmed their backing of the businesses' growth.
"We are excited to continue pursuing our passion for the Western industry and our vision of building the leading Western and workwear retailer from our initial platform of 16 stores acquired in 2004," said J Bryan King, managing partner of LKCM.
"We continue to see compelling opportunities in this market, both in increasing product availability and assortment for consumers as well as utilising our strong presence across the industry's key markets to increase distribution for the vendors that support us. We look forward to continuing to lead this ambitious plan."
Sage Capital managing director Daniel Gardenswartz added: "BTWW and Corral West are ideal partners to spearhead a consolidation movement within the highly fragmented Western and workwear retail segment."
The combined entity will maintain corporate offices in Cheyenne, Wyoming and Dallas-Fort Worth, Texas, giving the company a significant management presence in key regions for the Western and workwear markets.
"We now have the resources at our disposal to greatly enhance our organisation and to build the premiere retailer in the Western wear space," said Corral West CEO Les Ball.
John Talbot, CEO of BTWW, added: "We are very excited about the management depth this transaction creates.
"We now have the ability to pursue the e-commerce, catalogue, and product design opportunities we identified previously."
- Will new Vietnam wage hinder competitiveness?
- Digitisation to drive new apparel-making models
- Fashion fit for the future – strategies for speed
- Under Armour Lighthouse will disrupt production
- How TAL Apparel is staying ahead of the game
- Gap to shutter all UK Banana Republic stores
- MAS Holdings shares commitment to sustainability
- M&S "unappealing" clothing a barrier to growth
- Modern Slavery Act boosts supply chain engagement
- Bangladesh tops China as lead cotton importer
- Africa-Med strategic sourcing review – comparing East Africa, North Africa and Turkey
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Apparel (GLOBAL) - Industry Report
- Global Sports and Fitness Wear Market 2016-2020