US: Prospect Brands acquires Gerbing's Heated Clothing
Prospect Brands, a partnership between private equity firm McCarthy Capital Fund V and former Ralph Lauren executive Tom Nolan, has acquired Gerbing's Heated Clothing, the manufacturer of heated clothing and accessories.
Prospect Brands said the acquisition provides Gerbing's with long-term capital and senior leadership that will help take the firm "to the next level".
Nolan will serve as president and CEO of the heated clothing company.
Prospect Brands Acquires Gerbing’s Heated Clothing, Inc.
STONEVILLE, N.C.--(BUSINESS WIRE)--Gerbing’s Heated Clothing, Inc., a leading manufacturer of heated clothing and accessories, announced today that it has been acquired by Prospect Brands, LLC and will be led by Tom Nolan, who will serve as President and Chief Executive Officer.
“I am humbled by the opportunity to lead this iconic brand, and I am excited by the prospect of working closely with the team to take this company to the next level. I look forward to the bright future we have ahead of us and working hard to get there” The acquisition provides Gerbing’s with a long-term capital provider and senior leadership that have the experience and resources to help the company build on its reputation for producing high-quality, innovative outerwear products. “I am humbled by the opportunity to lead this iconic brand, and I am excited by the prospect of working closely with the team to take this company to the next level. I look forward to the bright future we have ahead of us and working hard to get there,” said Mr. Nolan.
“We are excited to partner with Tom Nolan and are committed to helping management build a global outerwear business,” said Patrick Duffy, Managing Partner of McCarthy.
About Gerbing’s Heated Clothing
Gerbing’s Heated Clothing was founded in 1976 by Gordon Gerbing in a small machine shop outside of Seattle. Over the years, Gerbing’s has developed a loyal customer base in the motorcycle market through its industry-leading technology and product quality guarantees. The company has two major product lines, one directed at motorcyclists and powersports enthusiasts and another marketed more generally to broader outerwear customers. For more information, please visithttp://gerbing.com/.
About Prospect Brands, LLC
Prospect Brands, LLC is a partnership between McCarthy Capital Fund V and Tom Nolan. McCarthy Capital Fund V is managed by McCarthy Partners Management, LLC, an affiliated RIA of McCarthy Capital (“McCarthy”). McCarthy is an Omaha-based private equity firm focused exclusively on lower middle-market companies. For more than 25 years, the McCarthy organization has been partnering with founders, families, and exceptional management teams to support the growth of their companies. For more information, please visit www.mccarthycapital.com.
Original source: Gerbing’s Heated Clothing
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