Norm Thompson sold – Stefan Kaluzny
Norm Thompson Outfitters Inc., catalog and Web retailer, has been sold to the private equity investment firm Golden Gate Capital of San Francisco. The sale price was not disclosed.
Golden Gate’s portfolio company, Catalog Holdings Inc., completed the acquisition. With the addition of Norm Thompson’s approximately $200 million in annual revenue, Catalog Holdings revenues will now be in excess of $700 million. Catalog Holdings also owns Spiegel, Newport News, Appleseed’s, Draper’s & Damon’s and The Tog Shop.
Founded in 1949, Hillsboro-based Norm Thompson Outfitters is composed of three catalog brands that target the baby boomer population. Sahalie, once called Early Winters, targets individuals with an outdoor lifestyle. Solutions sells products for home and garden, and Norm Thompson sells apparel, footwear and gifts.
“With the addition of Norm Thompson, Solutions and Sahalie, we have significantly increased our offerings to this rapidly growing demographic,” said Stefan Kaluzny, a managing director at Golden Gate Capital.
Norm Thompson will continue to operate at its current locations in Oregon, New Hampshire and West Virginia.
Norm Thompson has recently experienced financial difficulties. The company closed its Thurman Street store in November, and has laid off at least 30 workers since last summer. It employs more than 300 workers in Oregon, and more than 500 nationwide. It is not clear whether the sale will result in additional layoffs.
The company considered selling its Solutions division last year, internal documents reveal.
Golden Gate Capital has $2.5 billion in funds under management.
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