The Paradies Shops is in the last stages of finalizing its agreement with Freeman Spogli & Co., the private investment firm with which it plans to form a new partnership. Freeman Spogli, which exclusively invests in retail and consumer-related companies, will acquire a significant portion of The Paradies Shops but the existing management team, led by President and CEO Gregg Paradies, will continue to manage and operate the business. The Paradies Shops has been a family-owned and -operated business for 50 years and the family continues to be a large shareholder.
The transaction is expected to close in May, according to Paradies.
“When this deal closes, The Paradies Shops will have additional financial and strategic resources to pursue opportunities in the marketplace,” he told ARN. “This investment will help the management team accelerate the company’s growth while maintaining our core values, family culture and commitment to first-class service.”
Officials of the investment company have said The Paradies Shops is a good fit for its portfolio.
“Freeman Spogli is thrilled to be joining an industry leader with such a successful track record and strong reputation,” said Todd Halloran, general partner of Freeman Spogli.
“Paradies’ demonstrated history of consistent growth, core values and impeccable customer service fall directly in line with the kind of companies in which we like to invest.”