Intrepid Investment Bankers (“Intrepid”), a leading middle-market investment bank, announced today that it acted as the exclusive financial advisor to S&S Activewear (“S&S”), a portfolio company of private equity group Clayton, Dubilier & Rice, on its sale of Ouray Sportswear (“Ouray”) to L2 Brands (“L2”), a portfolio company of private equity group Sentinel Capital Partners.
With five decades of experience, Ouray has become a leading supplier for quality apparel and headwear to the destination, collegiate, golf and corporate channels. Since its founding as Ski Country Imports in 1965, Ouray has grown to serve more than 4,000 customers annually through a commitment to providing quality and exceptional customer service. In 2021, Ouray acquired the rapidly-growing brand Locale, whose premium, outdoor-inspired headwear and accessories feature hyper-localized design that bring to life the places we love.
“We believe L2 is the ideal partner for Ouray to better serve its existing customer base, and to expand its geographic and product reach,” said Frank Myers, CEO of S&S Activewear. “It has been a privilege to work alongside Ouray’s talented team as the business has grown in partnership with S&S, and we are excited to see the continued success Ouray will drive on the L2 platform.”
Originally acquired in 2021 by S&S as part of its acquisition of distributor TSC Apparel, Ouray’s unique heritage and brand recognition, paired with its ability to successfully address end-markets that require different design, production, merchandising and value-added service capabilities, made it vital to find an advisor who understood how to position a multi-market business with an acquisition strategy focused on complimentary products and sales channels. “We were impressed with the Intrepid team. They provided everything we could have asked for from an advisor – they were thorough and detailed in their work product, worked tirelessly to get the deal across the finish line and provided sage advice throughout the process. This was a great outcome for both companies and we cannot thank the Intrepid team enough for their even keeled representation and support throughout this transaction,” said Frank Myers, CEO of S&S Activewear.
“The Ouray team has built an incredible legacy within the decorated sportswear and headwear industry, and we were honored to serve as a strategic resource to the company. We congratulate S&S on the transaction, and look forward to watching Ouray’s and Locale’s continued growth as part of L2’s portfolio,” said Jeremiah Mann, Managing Director at Intrepid.