Threadstone is a Leading Advisor to Entrepreneurial Founders and High-Growth Consumer Brands
About Us
At Threadstone, we learned our craft in fashion, beauty and other consumer goods.
We love the industry.

But its “X factor” for us is the speed, the rich opportunities for dramatic impact, and the constant growth and change we see every day. Deals don’t just start and finish behind closed doors or play out in intangible products and services: they show up in the brands that we wear, eat, and use every day.

And at the center of it all, enabling the sector’s growth, are entrepreneurial leaders.

Entrepreneurs and their investors create amazing products and build companies in ways that expand the boundaries and potential of the consumer and retail sectors. These are the “doers”– the fighters in the ring – bringing excellence, grit, and tenacity to the many challenges of business development.

But when it comes time to think about next steps or new stages of growth, they call on advisors who can meet them exactly where they are and help them understand what comes next. We know–and we’ve seen firsthand–that transformative success often comes down to moments of advice and connection between people.

That’s precisely where Threadstone comes in. Our team is built on the core values and expertise that give rise to those moments, and it’s those connections–those relationships–that lead to explosive growth that inspire, motivate, and power us.

Our Values
Client-first focus
We invest in client relationships so that transactions end in both handshakes and hugs.
Tenacity
We are relentless in providing outstanding support and pursuing excellence at every step of our clients’ transaction.
Collaboration
We believe in a tactful collaborative approach to multi stakeholder transactions and the power of a vast network as critical enablers of respect and, ultimately, success in the boardroom.
Storytelling
We respect the critical importance of a uniquely compelling story to the success of every client’s business growth.
Entrepreneurial Spirit
We celebrate entrepreneurs and support investors because we understand their commitment, boldness, and bravery from our own firsthand experience.
Our Team
We understand business builders and investors because we have experience as entrepreneurs and capital market experts ourselves.

Our clients recommend us for our tenacity in the face of complex transactions, and for the tactful, diplomatic, and collaborative approach we take to achieve the best possible outcomes.

Threadstone’s expertise helps entrepreneurs and investors aspiring to reach the next stage of growth.

William Susman
Managing Director

Billy Susman has worked at Salomon Brothers, Merrill Lynch and most recently served as President and Chief Operating Officer of Financo since 2004. Prior to Threadstone Partners, Billy has provided clients with advice on various strategic issues. Billy received a B.S. in Business Administration from the University of Michigan and an M.B.A. from the Kellogg School at Northwestern. Over nearly 25 years of advising clients, Mr. Susman has completed transactions for Collective Brands, Jones, Kellwood, Li & Fung, Nike, Nordstrom’s, Pacific Sunwear, Spencer’s Holdings and Wolverine. Additionally, he has maintained deep relationships with key industry private equity clients including Angelo Gordon, Apax, Apollo, Goode Partners, Gordon Brothers, Irving Place Capital, LNK Partners, Sun Capital, and Texas Pacific Group.

William Susman
Managing Director
Ilya Seglin
Managing Director

Ilya Seglin joined Threadstone Capital in 2015. Prior to joining Threadstone, Ilya operated a consulting practice focusing on the beauty, apparel and accessories sectors and was engaged by such clients as The Estée Lauder Companies. Prior to establishing a consulting practice, Ilya was a Director in the investment banking division of Credit Suisse. While at Credit Suisse, he worked with clients across the retail and consumer landscape to develop and execute M&A strategy, raise debt and equity financing, and address capital structure issues. He executed transactions for companies including The Neiman Marcus Group, PETCO Animal Supplies, totes Isotoner, Dr Pepper Snapple Group and WhiteWave Foods, among others. Before transitioning to investment banking, Ilya spent several years as an analyst evaluating industry trends and assessing companies in the retail, leisure and transportation industries. His experience included working on Dana Telsey’s #1 ranked All-America Research team at Bear Stearns and covering the luxury goods sector. Ilya received his B.A. in Economics from New York University.

Ilya Seglin
Managing Director
Joshua Goldberg
Managing Director
Josh Goldberg is a Managing Director in the Investment Banking division of Threadstone. Joshua has worked on and completed deals with leading consumer, retail and apparel companies including Crumbs Bake Shop, Joe’s Jeans, Kellwood Company, Perry Ellis International, and Sequential Brands Group. Prior to joining Threadstone, Josh was a Research Analyst at Pioneer Alternative Investments covering Macro and Systematic hedge fund strategies. Josh received a Bachelor of Science from the Stern School of Business at New York University with a double major in Finance and Marketing, and a minor in Computer Applications. Josh is a Chartered Financial Analyst®
Joshua Goldberg
Managing Director
Peter Mackay
Vice President
Peter Mackay is the Vice President of Threadstone Capital. Prior to joining Threadstone in 2019, Peter was an Operational Risk Manager within the Corporate and Investment Banking division of Société Générale in London. Peter was previously an intern at Threadstone, where he worked on a number of deals with leading consumer, retail, and beverage companies. Peter earned his Master of Arts with Honours in Economic History & Business from The University of Edinburgh.
Peter Mackay
Vice President
Dan Lombardo
Associate
Dan Lombardo is an Associate in the Investment Banking division of Threadstone Capital. Prior to joining Threadstone, Dan was an investment banking analyst in the M&A group at Shields & Company. He graduated with a B.A. in Economics from Wesleyan University where he was a member of the varsity baseball team.
Dan Lombardo
Associate
Ryan Turkin
Associate
Ryan Turkin is an Associate in the Investment Banking Division of Threadstone Capital having joined in 2021. Prior to joining Threadstone Capital, Ryan had previously interned with Lazard Asset Management and within Wells Fargo Asset Management. Ryan earned his Bachelor’s in Finance from Tulane University’s A.B. Freeman School of Business.
Ryan Turkin
Associate
What We Do
Leading Advisor to Entrepreneurial Founders and High-Growth Consumer Brands.

We unlock the next stage of commercial growth for entrepreneurs and investors across the consumer and retail sectors.

We provide our clients with expertise like that of the best Wall Street bulge bracket banks, with the added benefit of unparalleled levels of access, client service, and attention to detail. Among boutiques, we aspire to set the standard of service in capital markets, guided by our team’s alignment with the firm’s set of core values.

Entrepreneurs and their investors are building amazing products and companies every day in ways that continually expand the boundaries and potential of the consumer and retail sectors. We know–and we’ve seen firsthand–that transformative success often comes down to moments of advice and connection between people.

For a team like Threadstone’s, built on the core values and expertise that give rise to those moments, it’s connections leading to explosive growth that inspire, motivate, and power us. We use our expertise to help entrepreneurs and investors aspiring to the next stage of growth while driving innovation, impact and value in the industry sectors that we are most passionate about.

While Threadstone works on many deals every year, we approach each transaction recognizing that it might be the most important that our client will ever close.

Sectors of Focus
Apparel, Footwear, and Accessories
Beauty and Cosmetics
Direct-To-Consumer and E-Commerce
Specialty Retail
Personal Care and Household
Home Décor and Furniture
Pet Products and Retail
Fitness, Health, and Wellness
Food & Beverage
Transaction Advisory
Sell-side Advisory
Buy-Side Advisory
Growth Capital
Debt Placements
Private Placements
Fairness Opinions
General Advisory
Select Transactions

Driven by a team of industry veterans with deep sector expertise and a strong commitment to core values, we have helped clients close more than 100 transactions totaling +$5.0BN in our 11-year history.

Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Has Received a Capital Investment From
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Growth Equity Investment Led By
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Acquired By
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Acquired By
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Acquired By
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Acquired By
Rifle Paper Co. Majority Sale to Promus Equity Partners
Year
2021
transaction type
Sell-side
Category
Specialty Retail
client
Rifle Paper Co.
Acquirer / Investor
Promus Equity
Process Highlights
  • Founded in 2009 by Nathan and Anna Bond, Rifle Paper Co. (the “Company”) was a comprehensive design firm selling stationery and other products
  • Over 12 years, the Company grew from two people to +140 employees
  • With significant interest, collaborations and licensing had been extremely successful for the Company
  • In 2021, Rifle Paper Co. had appealing financial trends with YoY revenue growth in excess of 50% with EBITDA margins of 25%
Threadstone Value Add
  • Threadstone created a competitive process as soon as the asset was brought to market
  • Despite reaching out to 150+ groups, including strategics, family offices, and financials sponsors, a small group of highly engaged buyers sought to transact ahead of the process
  • Preliminary valuations were based on 7.0-9.0x EBITDA and 1.0-2.0x Revenue, in line with market valuations at the time, but competition drove value above these ranges to 10.0x and beyond
  • Threadstone secured a total of 6 LOIs
  • Resulting transaction completed at 11.0x 2021A EBITDA and 2.3x 2021A Revenue
Sold a Majority Stake to
View Case Study
MISSION Capital Investment from Topspin Consumer Partners
Year
2021
transaction type
Sell-side
Category
Enthusiast
client
MISSION
Acquirer / Investor
TopSpin Consumer
Process Highlights
  • Founded in 2009, MISSION is a designer, manufacturer, and marketer of thermo-regulation technology embedded sports apparel and accessories
  • The founders sold 100% of the Company to a Family Office in 2015 only to reacquire a controlling stake in 2019 following a decline in performance
  • Threadstone was engaged in late 2020, at the height of the COVID19 pandemic, to advise the Brand’s owners in the divestiture of a minority or majority stake in the Company
  • The process garnered multiple bids from strategic and financial acquirer, and ultimately secured a growth equity investment from a leading lower-middle market private equity group
Threadstone Value Add
  • Threadstone reached out to a combination of more than 150 Financial Sponsors and Strategic Acquirers as part of a broad go-to-market strategy
  • By leveraging comp retail performance analytics and long-term product category expansion opportunities, Threadstone was able to navigate the Company's short history of dramatic growth following a significant increase in revenue and profitability during the COVID-19 pandemic
  • Over the course of the process, Threadstone generated five bids for the business from a combination of strategic and financial investors
  • Threadstone advised MISSION on a successful minority capital investment from Topspin Consumer Partners, which closed at a TEV of $83MM or ~4.6x EBITDA
Has Received a
Capital Investment from
View Case Study
Jessica Simpson x Sequential
Year
2021
transaction type
Buy-Side
Category
Apparel & Fashion
client
Jessica Simpson (Sequential Brands)
Acquirer / Investor
Jessica Simpson
Process Highlights
  • Launched in 2005, the Jessica Simpson Collection was originally founded as a designer and marketer of apparel, accessories, and footwear for women and children
  • In 2015, the Brand was acquired by Sequential Brands for ~$124.0MM
  • By 2021, Sequential Brands was exploring a potential sale of the Jessica Simpson brand alongside other IP to repay their creditors
  • Jessica Simpson wanted to buy back the 62.5% of her namesake brand that she previously sold to Sequential Brands Group
  • Threadstone served as exclusive financial advisor to Jessica and Tina Simpson as lead all interactions with potential financing sources
Threadstone Value Add
  • Threadstone strategically worked with the Simpson Family to reach a deal to reacquire 62.5% of the Jessica Simpson Brand for $65.0MM in August 2021
  • Collaborated with the Simpson family to navigate the complex debt capital markets with the right partner while ensuring a smooth transition period
  • Threadstone sourced multiple offers from a collection of creative capital and traditional debt lenders
  • Ultimately, Threadstone negotiated a facility with Second Avenue Capital Partners on behalf of the Simpson family that would provide sufficient liquidity to take back control of the Jessica Simpson label
Has been acquired by With You, Inc. for the
shareholders Jessica and Tina Simpson from:
View Case Study
Daycon x Envoy
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
has been acquired by
Cult Beauty Acquisition by THG
Year
2021
transaction type
Sell-side
Category
Specialty Retail
client
Cult Beauty
Acquirer / Investor
The Hut Group (LON: THG)
Process Highlights
  • Cult Beauty is a trusted digital retailer of beauty and personal care products
    – “Cureated by beauty enthusiasts for beauty enthusiasts”
  • Founded in 2007 and based in the U.K., the Company generates 100% of its revenue through its owned e-commerce platform with 2020 Net Sales of ~$150MM
  • Initially launching in Fall 2019, the process generated 4 bids from strategic and financial bidders
  • Following the onset of COVID19 in March 2020, the process was put on hold due to widespread macroeconomic uncertainty
  • The process was relaunched in winter 2020 after the Company elected to fire JPMC and move forward with Threadstone as sole advisor
Threadstone Value Add
  • Threadstone was initially hired as co-advisor alongside J.P. Morgan Chase U.K. and was tasked with conducting outreach to strategic acquirers
  • Despite the impact of COVID19 on financial markets, Threadstone persevered alongside our clients and continued to engage with new strategics regarding a potential acquisition of Cult Beauty
  • Threadstone positioned the retailer as a growing marketplace, supported by widespread consumer engagement and leading brands with a clear path to enhanced margins
  • Threadstone ultimately drove to a successful closing with The Hut Group in Spring 2021
  • The transaction closed at a TEV of $380MM (1.7x Revenue & 23.4x EBITDA )
Sale to
View Case Study
Blackstreet Acquisition of Red Apple
Year
2021
transaction type
Buy-Side
Category
Specialty Retail
client
Red Apple Stores (Black Rock)
Acquirer / Investor
Blackstreet Capital Holdings
Process Highlights
  • Red Apple is a leading Canadian retailer of value-priced general merchandise
  • The Company has operated for +30 years and has 142 stores across rural Canada, typically located in towns with populations of less than 10,000 and often operating as the only major general merchandise retailer within 20 km
  • EBITDA projected to grow from $9.1 in 2019 to $14.6MM in 2023 due to diversified revenue streams, additional traffic, re-establishing legacy vendor relationships, increased store footprint, entering ~50 highly viable new markets, and strategic acquisitions
  • Country-wide presence, value-based pricing and variety of merchandise provides resistance to economic cycle and regional economic conditions
  • Threadstone served as exclusive buy-side advisor to Blackstreet Capital
Threadstone Value Add
  • With our client-first focus, Threadstone was able to secure the opportunity for Blackstreet Capital via proprietary relationships
  • As our client’s exclusive financial advisor, Threadstone provided the buyer with key market insights, assisted management with the execution of diligence, go-forward strategic planning, and development of potential geographic expansion initiatives via a detailed assessment of the Company’s competitors’ presence across Canada
  • Ultimately, the transaction was consummated between Blackstreet and BlackRock for a TEV CA$27MM including earn outs with a base price of CA$21MM representing 1.2x TTM Revenue and 3.0x TTM EBITDA
Has aquired
View Case Study
High Ridge Brands Co. Acquisition of Certain Helen of Troy Brands
Year
2021
transaction type
Sell-Side
Category
Beauty
client
High Ridge Brands (Tengram Capital)
Acquirer / Investor
Helen of Troy (NYSE: HOT)
Process Highlights
  • HRB Brands (the “Company”), controlled by Tengram Capital Partners, owns and markets a portfolio of popular mass-market personal care brands, such as Alberto, VO5, Zest, and Coast, among others
  • The Company established itself as one of the largest independent personal care companies in North America
  • In this transaction, HRB Brands added 12 iconic brands such as Brut, Pert, Sure, Ammens, Seabreeze and Infusium to the platform’s growing portfolio of beauty products
  • The acquisition of these brands enhanced the Company’s scale with its domestic retail partners and provided a significant opportunity for international expansion
Threadstone Value Add
  • Threadstone’s long-standing relationship with Helen of Troy (NASDAQ: HELE) enabled us to effectively advise Tengram on how best to navigate the corporate divestiture process
  • Equipped with a deep understanding of Helen of Troy's internal organizational structure as well as objectives as a publicly-traded company, Threadstone guided Tengram and HRB Brands on key negotiation levers related to value, transition services and separation agreements to position it as the winning bidder in a competitive auction process
  • The ultimate transaction price and structure allowed our client to add a portfolio of brands that would be immediately accretive to the top and bottom line and offer future opportunities for additional synergies
Has acquired certain brands from
View Case Study
Big Barker x TAH
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale to
Brodo x Circleup
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Debt facility provided
by
BruMate Minority Investment Led by San Francisco Equity Partners
Year
2020
transaction type
Capital Raise
Category
Enthusiast
client
BruMate
Acquirer / Investor
San Francisco Equity Partners
Process Highlights
  • BruMate is an industry-leading, digitally native brand in the reusable drinkware segment for beer, wine and spirits
  • The Company’s distribution mix is 60% owned ecommerce, 30% Amazon FBA, and 10% Wholesale
  • The process launched in February 2020, with an initial bid deadline originally scheduled for the moment that COVID quarantines began in mid-March
  • Despite broader market dynamics, the Company displayed immense growth and sustained profitability over the same time period
  • BruMate generated immediate interest and received multiple bids from financials sponsors and High Net Worth Individuals due to Threadstone’s ability to drive the process forward under uncertain circumstances
Threadstone Value Add
  • Despite widespread macroeconomic uncertainty due to Covid19, Threadstone leveraged our network to identify multiple interested parties, ultimately executing a successful deal with a financial sponsor
  • Secured 5 bids in total from a mix of HNWI, family offices, traditional private equity, and large strategic acquirers
  • Ultimately executed a transaction with San Francisco Equity Partners in the form of a $20MM minority investment with significant liquidity to founder/owner
  • $80MM pre-money, representing approximately 1.4x TTM Revenue and 10.4x TTM Adj. EBITDA
Growth Equity Investment Led By
View Case Study
Rebecca Taylor Sale to Vince
Year
2019
transaction type
Sell-side
Category
Apparel & Fashion
client
Contemporary Lifestyle Group (Sun Capital)
Acquirer / Investor
VINCE
Process Highlights
  • Rebecca Taylor is a designer, manufacturer and marketer of branded contemporary apparel and accessories
  • Threadstone was engaged by its financial backer, Sun Capital, in late 2018
  • Threadstone worked with Management to prepare marketing materials and detailed three-statement financial forecasts that provided multiple scenarios based on the potential success of future strategic initiatives
  • Outreach was positioned to focus on the value of the core brand and ‘Gift with Purchase’ for second brand opportunity of lesser scale but significant untapped potential
  • Proforma EBITDA adjustments allowed for material upside in the event of an acquisition by a strategic competitor
Threadstone Value Add
  • Threadstone leveraged their strong historical partnership with Vince to get the deal done
  • Per Sun Capital’s request, the CIM was sent to a broad distribution of financial and strategic investors
  • Initials bids produced a tight group of buyers, who were subsequently offered management meetings
  • Closed at $19.7MM, representing 4.2x EBITDA
Sale to
View Case Study
Urban Skin RX Investment from Friend Skoler & Co.
Year
2019
transaction type
Capital Raise
Category
Beauty
client
Urban Skin RX
Acquirer / Investor
Friend Skoler
Process Highlights
  • High-growth, clinical-strength skincare brand targeting niche, underserved demographic
  • Founder seeking partner for next phase of growth while also generating proceeds for value created to date
  • High interest across sponsor community for high-growth skincare
  • Performance throughout the process critical to maintain value and investor interest
  • Clearly articulated growth strategy and ongoing involvement of founder/CEO generated further comfort in sustainability of the Company’s momentum
Threadstone Value Add
  • Threadstone identified and contacted 80+ potential investors from their extensive network, prioritizing financial sponsors given USRX’s growth profile
  • We confirmed eight initial, non-binding indications of interest with multiple groups looking to preempt the established timeline
  • Threadstone worked with Friend Skoler to structure a transaction that would provide the company with primary proceeds to support ongoing growth initiatives as well as secondary proceeds to the founder
  • The founder also retained a meaningful stake in the proforma entity ensuring their continued involvement in the Brand’s long-term growth
  • The transaction ultimately closed based on a TTM Revenue multiple of ~4.2x
Received an Investment from
View Case Study
HOBO Sale to Firelight
Year
2019
transaction type
Sell-side
Category
Apparel & Fashion
client
Hobo Bags
Acquirer / Investor
Firelight Capital
Process Highlights
  • Threadstone was hired by the founders of Hobo Bags, a 25-year-old leather handbags and accessories brand with distribution in major department stores, independent boutiques, and an owned e-commerce DTC business
  • Department store and tariff-exposed businesses are generating slightly lower values relative to their competitors in recent years
  • Financial bids represented majority of inbound interest versus an outright acquisition of scaled strategic competitors
  • Strategics failed to establish themselves as true competitors in the process due to their unwillingness to out bid financial sponsors on an EBITDA multiple basis
Threadstone Value Add
  • Prioritizing the client’s wishes, Threadstone ran a highly targeted process contacting a total of 7 strategic buyers and 49 financial buyers
  • The process generated 7 competitive bids, including one strategic and six financial bidders
  • The Company closed a deal with a financial buyer, at a valuation representing 7.4x EBITDA and 1.5x Revenue
  • Threadstone assisted the buyer in securing 3rd-party debt to finance the acquisition as well as structuring a transaction that allowed the founder to roll a meaningful stake in the proforma enterprise
  • The founders continue to be involved in the business on a go-forward basis
Sale to
View Case Study
Osmotic x SJ
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Has been divested by
Grace x Pause
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Acquisition of
Alex x Versa
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale to
Harper + Scott Capital Raise Led by Rotor Capital Partners and Summerfield
Year
2019
transaction type
Capital Raise
Category
Enthusiast
client
Harper & Scott
Acquirer / Investor
Summerfield Capital Management
Process Highlights
  • Founded in 2014, Harper+Scott quickly grew to become one of the leading ASI suppliers in the industry
  • H+S differentiated from the competition through the offering of truly customized, custom-sourced products
  • The Company had achieved significant revenue and EBITDA success and sought to identify a partner that could help the business grow and position it for a sale in 3 to 5 years
  • In both 2019 and 2020, the Founders of Harper+Scott hired Threadstone to raise capital to help grow the H+S business while simultaneously creating a new pipeline for future opportunities
  • The process garnered interest from financial sponsors and creative strategics
Threadstone Value Add
  • Threadstone successfully positioned a young company in a competitive and mature industry, by highlighting the bold and brave story of the founding entrepreneurs
  • Through a limited process with approximately 40 investors, Threadstone created a competitive dynamic including multiple bids
  • Identified a unique investor group, led by John Howard (founder of Irving Place Capital), which was grouped with other high profile investors including Lee Frankfurt (former CEO of Coach), Chris Burch (co-founder of Tory Burch), and Bruce Toll (co-owner of Toll Brothers Real Estate)
  • Resulting transaction completed at 2.4x Revenue (versus an industry standard of 1.0x Revenue) with all proceeds going to founders
Capital Raise Led By
View Case Study
Mansur Gavriel Sale to GF Capital Management
Year
2019
transaction type
Sell-Side
Category
Apparel & Fashion
client
Mansur Gavriel
Acquirer / Investor
GF Capital Management
Process Highlights
  • Founded in 2012 as a digitally-native accessible luxury apparel and accessories brand, Mansur Gavriel engaged Threadstone to explore a capital raise or sale on behalf of the Company’s founders, owners and operators
  • Investors were interested in a millennial luxury brand and its long-term potential as a lifestyle brand
  • Mansur Gavriel differentiated itself in a highly competitive category through product quality, pricing and brand aesthetic
  • Since inception, Mansur Gavriel expanded its product line and generated over 50% of sales through its DTC e-commerce platform and owned B&M retail locations
Threadstone Value Add
  • Threadstone supported the Company’s founder in a targeted process to identify the ideal long-term partner
  • Threadstone conducted selective outreach to maintain confidentiality, holding discussions with less than a dozen financial and strategic parties
  • The Company gained initial interest from two strategic acquirers, multiple financial investors and ultimately received four formal offers
  • Ultimately, the transaction with an investor with highly relevant category experience funded growth initiatives for the business and a dividend afforded to the founders
  • The transaction was funded exclusively with equity and closed with an EV of $35.0MM, representing 1.5x TTM Revenue
Sale to
View Case Study
Chuck Dons x IPP
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale to
Akin’s Army Capital Raise Led by Mousse Partners
Year
2019
transaction type
Capital Raise
Category
Specialty Retail
client
Akin's Army
Acquirer / Investor
Mousse Partners
Process Highlights
  • AARMY is a next level coaching experience for mental and physical strength
  • Founded by Soul Cycle Super Trainers, Akin Akman and Angela Manuel Davis, the Company is a digitally-focused fitness lifestyle brand
  • Threadstone prioritized investors with a track record of success in the sector and an appreciation for the digitally-native customer experience
  • Early interest was enhanced by granting groups early access to founders
  • The lead investor was initially hesitant to allow other groups to participate in the round but agreed to move forward based on the group’s combined expertise and ability to create a “halo effect” given prior luxury investments
Threadstone Value Add
  • Threadstone was initially engaged in Summer 2018 and quickly set about curating a list of high priority HNWI, Family Office and VC investors
  • Threadstone worked with Founders and Management to create a detailed set of marketing materials that captured the essence of AARMY’s first-class, authentic coaching experiences
  • Through our expansive network, Threadstone quickly identified the lead investor via a proprietary analysis of high priority targets based on their previous investments in the sector, their appetite for smaller scale transactions, and their ability to drive growth via industry relationships
  • The round ultimately consisted of 10 investors and closed at a post-money valuation of $24MM, implying a pre-money valuation of $16MM
Capital Raise led by
View Case Study
NEOU x Undisclosed
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Capital Raise led by
Proenza Schouler Sale to Murdrick Capital
Year
2018
transaction type
Sell-side
Category
Apparel & Fashion
client
Proenza Schouler
Acquirer / Investor
Mudrick Capital
Process Highlights
  • Proenza Schouler is a U.S.-based designer and manufacturer of women's wear and accessories
  • Current shareholder base reflected two rounds of prior equity sales
  • Each round produced a waterfall subordinating the founders’ equity
  • The Company was anchored in half apparel and half accessories
  • Convoluted capital structure further complicated a process already stifled by worsening financial performance
Threadstone Value Add
  • Threadstone presented the opportunity as a ‘do over’ by anchoring the future success of the Brand in the renewed involvement of the original founders and management team
  • Threadstone analysis focused on establishing the net enterprise value as a function of each equity tranche
  • Threadstone prioritized the founders’ desire to remain engaged by positioning them as the key to long-term growth, profitability, product category expansion, and penetration of new distribution channels
  • Closed at $13.1MM, which represented a significant discount to the Brand’s luxury peers as a result of challenged financial performance
Sale to
View Case Study
Barr x Spray
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Has Acquired
Marc Fisher x Nine West
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Entered a licensing
agreement with
Natural Pawz x IPP
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale To
Ippolita x Banyan
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale to
Founder-Backed
Investor Group Led By
Butter x Astral
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale To
Charles x T Anthony
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Has Acquired
Necco x RH
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale to
AllHeart x Blacksteeet
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Has been divested by
Victoria Beckham Limited Capital Raise
Year
2017
transaction type
Capital Raise
Category
Apparel & Fashion
client
Victoria Beckham
Acquirer / Investor
NEO Investment Partners
Process Highlights
  • VBL is the fashion label of singer and celebrity, Victoria Beckham
  • The unique profile and situation of founder drove need for differentiated approach to diligence process and investment structure
  • Turnover in key leadership positions during the process elevated importance of Threadstone’s role in maintaining continuity with potential investors
  • Financial buyers expressed a degree of aversion to fashion risk, in part mitigated by brand and founder’s track record of success
Threadstone Value Add
  • Threadstone identified and contacted a highly targeted universe of 6-8 financing sources—including private equity, family offices and strategics - limited outreach was essential to maintaining confidentiality
  • Articulated the brand’s story, highlighting the committed, talented founder while demonstrating the brand’s numerous growth opportunities
  • Secured multiple offers through a highly competitive process, driving increased brand value
  • Worked with buyer to align structure and valuation; maintaining initial valuation despite budget shortfalls during negotiation
  • Ultimately raised $30MM GBP from a European private equity fund at a valuation of approximately 3.0x LTM sales
Minority
Investment by
View Case Study
Bandier Series B Capital Raise
Year
2016
transaction type
Capital Raise
Category
Apparel & Fashion
client
Bandier
Acquirer / Investor
Simon Ventures
Process Highlights
  • Bandier is a branded retailer of athleisure and activewear, thus enabling women to purchase luxury clothing a sportswear in a single location
  • Founded in 2014 by Jennifer Bandier, the Company’s boutiques offer a wide range of clothing, footwear and accessories
  • Husband and wife founder/majority shareholders were the primary decision makers and were not interested in secondary sale—therefore strategic interest was not gauged
  • PE showed immediate interest and saw an opportunity to invest early prior to heavy strategic interest, while venture investors were drawn to its burgeoning scale and significant growth potential
Threadstone Value Add
  • Threadstone identified and contacted ~100 potential financing sources—focused process primarily on the VC, family office, and PE investors
  • Expertly positioned the Brand to highlight its unique story to identify and provide a clear path to profitability
  • Received several offers from venture capital and high net worth individuals – identified a lead and organized a consortium of investors without jeopardizing valuation
  • Threadstone secured offers at ~5.0x TTM Revenue for an approx. 20% stake
  • Closed with 15 distinct investors and completed an institutional round 18 months later with Eurazeo, a leading middle-market investor
Sale of Minority Interest
View Case Study
Charles x Harrys
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Has Acquired
Charles x Richard
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Has Acquired
Ellery x Extreme
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale To
Greats x JHP
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Private Placement
led by
Immunotec x Nexxus
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale To
Aurora x Rauch
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
has sold jaywater to
Marc Fisher x Easy Spirit
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Acquisition of
Planet Blue x Breakwater
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Capital Investment by
Shoe Box x Simon
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Private Placement
led by
Kellwood x Hong Kong
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale To
Kitson x Crown
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale To
Forman x Goode
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale To
Pure Haven x Global Venture
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale To
MJCLK x Badgley
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
To Acquire
Alexis Bittar x Carolee
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale To
Bandier x Simon
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Private Placement
Led By
Sector x Bravo
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale To
Liquid Gold x Denorex
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Acquisition Of
Partylite x Candle-Lite
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Merger With
Alex Evenings x ACI
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale OF
Kay Unger
To
South Moon x JPB
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale To
Roots Canada Sale to Searchlight
Year
2015
transaction type
Sell-side
Category
Apparel & Fashion
client
Roots
Acquirer / Investor
Searchlight Capital
Process Highlights
  • Roots is Canada’s number one consumer brand offering a variety of men's and women's apparel, leather bags, accessories, and home furnishings
  • The Brand’s founders and majority owners did not want the brand flogged in a typical sell-side process as they wanted to maintain brand identity and positioning as a closely-held and culturally relevant Canadian icon
  • Brand’s identity was very much tied to the owners given the position of Roots in their primary market of Canada
  • Threadstone leveraged its extensive network of consumer-oriented financial sponsors to offer the Founders a curated selection of high-priority targets
  • To this day, Threadstone maintains strong ties with the Brand’s founders and
Threadstone Value Add
  • Threadstone identified and previewed a single PE firm with management in Canada, US, and Asia that was actively looking to add a Canadian brand to their portfolio
  • Received a second bid from a groups with Asian ties and in-house manufacturing capabilities – utilized primarily to drive competitive dynamics
  • Threadstone drove to a successful closing with Searchlight Partners for and Enterprise Value of $80.0MM or 8.0x EBITDA
  • Roots has since gone public and completed a successful dividend recapitalization
  • Threadstone continues to discuss strategic acquisition opportunities and add-ons with both Roots and Searchlight
Sale To
View Case Study
Carlyle x Blyth
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Acquisition Of
Perry Ellis x CC
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale Of IP
Todd Snyder Sale to American Eagles Outfitters
Year
2015
transaction type
Sell-side
Category
Apparel & Fashion
client
Todd Snyder
Acquirer / Investor
American Eagle Outfitters
Process Highlights
  • Based in New York City, Todd Snyder’s eponymous fashion label offers signature essentials, statement pieces, custom suiting, and accessories reflective of America’s rugged yet refined fashion sensibility
  • Threadstone created tailor-made marketing materials and detailed financial projections through extensive dialogue with Todd Snyder, the person, and the Company’s executive management team
  • The brand deck was circulated to both strategic and financial acquirers
  • Threadstone materials highlighted both the growth of Tailgate brand and the halo of the Todd Snyder platform
Threadstone Value Add
  • Threadstone guided Management to anticipate interest primarily from Strategics given brand awareness surrounding Todd Snyder and the long-term scalability of the nascent platform
  • Threadstone leveraged its longstanding relationship with the Schottenstein Family and the American Eagle group of brands to position them as the ideal partner and steward of the Todd Snyder brand
  • American Eagle was offered a series of Management Meetings that ultimately convinced them of the Brand’s accessible luxury halo and growth potential
  • Threadstone successfully negotiated a sale of Todd Snyder and Tailgate to AEO for $18MM at 20.0x TTM EBITDA
Sale To
View Case Study
Differential
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Valuation
Analysis
Sferra x LL
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale To
HH x Hilco
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale To
ABS
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Licensing
Advisor
Cos Bar x Tengram
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale To
South Hill x Alliance
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Has Obtained A
Credit Facility From
Van Dykes
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Valuation
Analysis
JPPA
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Valuation
Analysis
Accon x Refac
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Acquisition Of
Alterna x Henkel
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale To
Baby Phat x ALS
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Private
Placement
Brown x Sam Libby
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Acquisition Of
Crumbs
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Private
Placement
Isaac x Xcel
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Private
Placement
Joes x Hudson
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Acquisition Of
Nest Fragrances Sale to Tengram Capital Partners
Year
2012
transaction type
Sell-side
Category
Beauty
client
Nest Fragrances
Acquirer / Investor
Tengram Capital Partners
Process Highlights
  • Founded in 2005 by Laura Slatkin and based in New York, Nest Fragrances is a leading designer and manufacturer of luxury home fragrances, personal care products, fine fragrances, and gifts
  • Nest Fragrances’ products are sold nationwide through high-end department stores, specialty boutiques and through their owned e-commerce platform
  • Threadstone was engaged following a stalled process that was previously managed by a larger middle-market boutique
  • By leveraging prior sector experience and longstanding relationship with the founder, Threadstone guided an operator-led financial sponsor in structuring what would ultimately be the winning offer
Threadstone Value Add
  • Leveraged prior experiences and extensive network to navigate and improve relationships among existing shareholders
  • Played a key role in optimizing value to all stakeholders, including new investors and founder
  • Ultimately received multiple bids and closed with a leading middle-market financial sponsor at 1.0x Revenue and 6.2x EBITDA
Minority
Sale To
View Case Study
Perry Ellis
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Divestiture Of A
Portfolio of Brands
Preferred x Uniworld
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Valuation
Analysis
Rebecca x TSG
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale To
Richard Shultz x Knoll
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale Of
Sequential
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Private
Placement
Sferra x LL
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale to
Steven Alan x Bedrock
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Minority
Sale To
Tribal x Haggar
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale To
Velvet x Snow Phipps
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Acquisition By
Xcel x Halston
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Private Placement
To Fund Acquisition of
Xcel x Judith
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Private Placement
To Fund Acquisition of
Amzak x Spinmaster
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale of security interest in
marbles the brain store to
MyChelle x French Transit
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale To
Eurazeo Acquisition of Nest Fragrances from Tengram Capital Partners
Year
2017
transaction type
Buy-side
Category
Beauty
client
Nest Fragrances
Acquirer / Investor
Eurazeo
Process Highlights
  • Having previously served as sell-side advisor to the Company, Threadstone was engaged as buyside advisor to Eurazeo Brands
  • Direct access to the founder and strong relationship with the selling financial sponsor allowed for direct and transparent discussions between both sides
  • Sector experience allowed us to process diligence quickly, providing the client with an opportunity to preempt any competitive bids
  • Prior to Threadstone’s involvement on the buyside, the process had stalled due to lack of organization and coherent messaging on part of seller’s advisor
Threadstone Value Add
  • Threadstone advised on the price required to win but not overpay, a unique insight that was provided by the founder of Nest Fragrances
  • Tactfully facilitated a structured deal to achieve the goals of all parties involved
  • Closed at an EV of $75.0MM, implying a multiple of 11.4x EBITDA
Acquisition of
View Case Study
Pittsburgh Brewing x Undisclosed
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale To
Donald x Gerard
Year
transaction type
Category
client
Acquirer / Investor
Process Highlights
Threadstone Value Add
Sale to
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