Intrepid Advises S&S Activewear on its Sale of Ouray Sportswear to L2 Brands

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.”ourays

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.

About Intrepid Investment Bankers

Intrepid provides M&A, capital raising and strategic advisory services to entrepreneurs and middle-market companies in various industry sectors. Our heritage breeds a culture that embraces teamwork, tenacity and creativity to help our clients win big. We believe that every company has an entrepreneurial passion that drives it and a story that defines it. Our team delivers results through skillful positioning and relentless execution. Based in Los Angeles, Intrepid augments its international capabilities through its active participation in Oaklins, an exclusive global alliance of M&A advisory firms.

About L2 Brands

L2 Brands is the parent company of the League apparel and Legacy headwear brands which for more than 30 years have produced some of the most recognizable all-American lifestyle products for the destination, collegiate, and corporate markets. From its locations in Pennsylvania and El Salvador, L2 has earned a reputation for making stylish, comfortable, and reliable products that connect consumers with the schools, traditions, destinations, and workplaces they identify with and love. For more information about the company, visit

About S&S Activewear

Founded in 1988 and headquartered in Bolingbrook, Illinois, S&S Activewear is the leading distributor of apparel and accessories in the United States and Canada. S&S offers more than 80 brands, including basic garments to fashion forward styles, with over 4 million square feet of warehouse space across North America. S&S services a broad range of customers through its nationwide network, including retail brands, e-commerce companies, garment decorators, promotional products distributors, entertainment merchandisers, lifestyle brands and web-based platforms for apparel customization. For more information, visit

About Sentinel Capital Partners

Sentinel Capital Partners specializes in buying and building midmarket businesses in the United States and Canada in partnership with management. Sentinel targets aerospace and defense, business services, consumer, distribution, food and restaurants, franchising, healthcare, and industrial businesses. Sentinel invests in management buyouts, recapitalizations, corporate divestitures, going-private transactions, and structured equity investments of established businesses with EBITDA of up to $65 million. Sentinel also invests in special situations, including balance sheet restructurings, operational turnarounds, and minority junior capital solutions. For more information about Sentinel, visit

About Clayton Dubilier & Rice

Clayton, Dubilier & Rice is a private investment firm with a strategy predicated on building stronger, more profitable businesses across a broad range of industries, including Industrials, Healthcare, Consumer, Technology and Financial Services. Since its inception, CD&R has managed the investment of more than $40 billion in over 100 companies with an aggregate transaction value of more than $175 billion.

About Intrepid’s Lifestyle Brands Practice

Intrepid’s Lifestyle Brands team has decades of experience advising apparel, retail, lifestyle brands, accessories, and footwear companies on the best execution in various transaction types, including sell-side and buy-side, as well as equity and debt capital raises. We maintain deep industry relationships with leading executives, private equity investors and companies in the industry.