Veteran retailer Gordon Fauteux, president and chief executive officer of Cotton Ginny Limited, and Larry Gatien, chief financial officer, have successfully completed a management-led buyout of Cotton Ginny Ltd, parent company of Tabi International, Tabi Woman, Cotton Ginny and Cotton Ginny Plus brand names, from Florida holding company Guaranty Reassurance Corporation. (GRC).

The senior management team spearheading the buyout is now a minority partner with US leading private equity firm Catterton Partners, which assisted in financing the deal.

"This investment deal gives Cotton Ginny Limited a consistent, secure foundation from which to build on the results we have seen from our divisions in the past several years," said Mr. Fauteux.

"We are now positioned to strategically pursue our proven formulas."

The company currently has over 285 retail outlets throughout Canada, as well as one franchise location in Bermuda. Tabi International through its wholesale division sells product to clients, including department stores and specialty stores in both Canada and the US.

Results for each division have rated higher than industry standards every season over the past several years. Based on sales per square foot, Tabi International and Cotton Ginny are ranked as strong performers in the women's wear category in each mall where they are located. Overall sales last year totalled over $200m. The company employs over 3000 people.

"We're a profitable company with a strong cash flow. We track our progress very closely. With our new partners, we can continue to capitalize on our growth strategies: for example, converting small locations to large 'combo stores', opening stores in niche markets, expanding our lines to continually match our demographics," said Mr. Fauteux.

Cotton Ginny provides fashionable, casual women's clothing for women aged 25-55. Cotton Ginny Plus, because of its stylish offering, caters to an even younger market starting at age 25. Tabi International comprises a classic line of moderately priced, co-ordinated sportswear for the 40+ women's market. Tabi International has recently launched a new line, Tabi Woman, for the plus-size market; sales have exceeded expectations.