|
Published: Thursday, October
5, 2006
Bear Growth Capital
Partners and Everything But Water Acquire Water Water Everywhere
Orlando, FL--October
5, 2006--Bear Growth Capital Partners ("BGCP") an affiliate
of Bear Stearns & Co., Inc. (NYSE:BSC), today announced that they
have completed the acquisition of Water Water Everywhere, a national
specialty retailer that offers designer swimwear and swimwear accessories
with 20 stores located primarily in the Northeast and Mid-Atlantic regions
of the U.S. The company will be combined with BGCP's existing
portfolio company, Everything But Water, the largest independent specialty
retailer of women's contemporary swimwear, and on a combined basis
the company will now have 56 locations across the U.S. and Puerto Rico.
Terms of the deal were not disclosed.
"This transaction provides
Everything But Water with a broader retail presence and stronger brand
awareness that will allow us to better serve the needs of our clients,"
said Ann Tucker, President of Everything But Water. "We are
excited to begin the integration process and work with the team at Water
Water Everywhere to carry out our growth strategy."
All of the Water Water
Everywhere stores will continue operating as usual and over the next
few months the stores will eventually adopt the Everything But Water
brand name. Once the integration process is complete, the companies
will function as one entity and be based in Orlando, FL.
Additionally, with the
acquisition, the former President and owner of Water Water Everywhere,
Andrew Cohen, will join the board of directors of Everything But Water.
"I am excited to join Everything But Water in this new role and look
forward to growing the business," said Cohen.
"This acquisition of
Water Water Everywhere is a part of our strategy to establish a broader
geographic base for Everything But Water and capitalize on this exciting
market opportunity" said Joe Scharfenberger, Managing Director, Bear
Growth Capital Partners.
As part of this transaction,
Everything But Water is announcing the following management changes:
Bridget Quinn Stickline, a 16-year veteran of Water Water Everywhere,
will join Everything But Water as Vice President of Merchandising; Karen
Tanner, a 15-year executive of Everything But Water, was named Director
of Planning and Allocation; and Melisa Belinger, a 20-year executive,
was named the Director of Merchandising - Swim and Accessories.
Additional positions in all areas of management, operations and merchandising
will be added during and after the integration process.
Over the next two years,
Everything But Water plans eight store openings in Florida, Connecticut,
Illinois, New Jersey and Wisconsin.
About Everything But
Water LLC: Everything But Water is a national 56-store specialty
retailer of women's swimwear and related accessories, located in 23
states and Puerto Rico. The Company provides the largest selection of
trend-setting swimwear for the contemporary woman. More information
about Everything But Water can be found at www.everythingbutwater.com.
About Bear Growth
Capital Partners: Bear Growth Capital Partners ("BGCP")
is an affiliate of Bear Stearns Merchant Banking ("BSMB") the private
equity arm of Bear Stearns & Co. (NYSE:BSC). BGCP focuses on making
investments in middle market companies valued between $25 and $125 million.
BGCP invests in compelling growth capital opportunities, traditional
buyouts, recapitalizations, co-investments, and control and minority
ownership positions alongside superior management teams and other private
equity sponsors. More information about BGCP can be found at http://www.bsmb.com.
Contacts:
For Everything But Water: Candace Greever,
407.351.4069
For BGCP: Melissa Daly, Brunswick Group, 212.333.3810 |
Press Releases
