- Sara Ehlers |
The Gores Group, Los Angeles-based equity firm, announced that it will sell clothing company Big Strike Inc. to Arlington Global Financial Limited.
The Gores Group acquired the lifestyle clothing company four years ago. The global investment firm, led by Alec Gores, was in possession of more than 70 percent of Big Strike in 2011. According to Apparel News, in 2011 the firm had acquired around 100 million dollars from the company’s co-founders Lars Vikland, Kevin Talbot, and Jodi Sundberg. Intrepid Investment Bankers helped in advising the terms of the deal between The Gores Group and Arlington Global Financial Limited. Although figures are not disclosed by either source, Apparel News reports that Big Strike is being sold “for less than [The Gores Group] purchased it.”
Big Strike is known for casual and career lifestyle wear for juniors. The company designs and manufacturers apparel for junior women including brands such as Heart Soul, Soulmates, Halo, Free to Love, and Tracy Evans. The wholesaler’s merchandise is sold in retailers such as Kohl’s, Sears, and JC Penny. The brand targets women from 20-35 years old who seek affordable wear-to-work apparel. The company was founded in 1996 and is headquartered Gardena, CA.
Currently, Kevin Mahoney is the chief executive officer of The Gores Group. Formerly, Mahoney worked at NYDJ as president. The Gores Group specializes with acquiring and partnering with growing, emerging businesses. Based in Beverly Hills, the global equity firm was founded by chairman and former chief executive officer Alec Gores. The company was founded in 1987, but did not venture into the retail industry until 2010 when it acquired New York clothing label J. Mendel. Since then, The Gores Group has also worked with 12th Street by Cynthia Vincent, Mexx, Liz Claiborne, and more. The company currently holds under 200 employees. Currently the total assets for the company equal about 3.7 billion dollars.