Breaking News: S&S Activewear Acquired By Private Equity Firm Clayton, Dubilier & Rice
Bolingbrook, Illinois-based supplier S&S Activewear (PPAI 256121, S12) announced today that private investment firm Clayton, Dubilier & Rice (CD&R), along with current owners and management, have acquired the company. The terms of the transaction were not disclosed.
Founded in 1988, S&S has grown under the current management team and owners to approximately $1.5 billion in sales. With approximately four million square feet of warehouse space and more than 2,000 employees, S&S specializes in distributing blank sportswear, corporate apparel and accessories, including t-shirts, fleece and sweatshirts, headwear, athletics and outerwear from more than 100 brands such as adidas, Champion, Columbia, Bella+Canvas, Next Level Apparel and Gildan.
The transaction is expected to close in the first quarter of this year, at which point S&S President Jim Shannon will assume the role of chief executive officer and CD&R Operating Partner John Compton, former president of Pepsico, will become chairman of the board.
“This transaction is an important milestone for S&S and a validation of our continued success; as successful as we have been over the last two decades, we believe our growth story is just beginning,” says Shannon. “CD&R has a deep understanding of our business, from sourcing, freight and distribution center scaling to technology and sales and marketing.”
Ken Giuriceo, CD&R partner, adds, “We are delighted to partner with a talented, entrepreneurial S&S team that shares our core values in a business we know and understand. We look forward to working together to achieve our vision for continued strong growth that creates exciting opportunities for employees, vendors and customers, as well as the local communities where they operate.”
Learn more about the acquisition in Thursday’s PPB Newslink.