Manhattan Beachwear, parent company to a stable of brands including Hobie and Split swimwear, has sold a majority of its stake to private equity firm Linsalata Capital Partners Inc., of Cleveland, according to the Orange County Business Journal:
“Linsalata is estimated to have paid $20 million to $50 million for the stake.
Founder and Chief Executive Allan Colvin and other Manhattan Beachwear executives also made investments in the company and are set to stay in place, according to Linsalata.
Manhattan Beachwear makes women’s swimsuits under license from brands such as Kenneth Cole, Hermanny by Vix, Sofia by Vix, Hobie and Split.
It also makes its own brands, 24th & Ocean and Maxine, and makes swimsuits for retailers.
Linsalata hopes to build up Manhattan Beachwear with other acquisitions, according to reports.
The deal was a long time coming, according to Dow Jones & Co.’s LBO Wire, an industry publication that tracks buyouts.”