(TORONTO, October 15, 2015) – Ironbridge Equity Partners (“Ironbridge”) of Toronto, ON and Westerkirk Capital Inc. (“Westerkirk”) of Victoria, BC are pleased to announce that they have completed the sale of portfolio company Gaspard LP (“Gaspard” or the “Company”) to American Achievement Corporation (“American Achievement”). Gaspard is a leading North American manufacturer and distributor of academic regalia, clergy vestments, choral robes, and legal and judicial attire.
The financial terms of the transaction were not disclosed.
Gaspard, founded in 1909, was family owned until its acquisition by Ironbridge and Westerkirk in 2009. Over the course of their investment, Ironbridge and Westerkirk worked alongside management to improve internal systems and processes, reconstitute the management team through an extensive succession plan, execute multiple add-on acquisitions and strengthen the Company’s market position both domestically and internationally.
“The management team has done a terrific job executing on growth initiatives to date and we are confident they will continue their strong trajectory” said Alan Sellery, President and Managing Partner of Ironbridge. “We wish the team ongoing success and want to thank them for the productive partnership over the course of our investment.”
“We are extremely proud of our partnership with Ironbridge and Westerkirk, which was essential in supporting our growth,” said David Blatt, President of Gaspard. “We look forward to the next phase in our development with American Achievement and would like to thank Ironbridge and Westerkirk for their commitment and support.”
Gaspard is a manufacturer and distributor of academic regalia, clergy vestments, choral robes, and legal and judicial attire. The Company’s products are primarily sold direct-to-user in Canada, while the U.S. market is served via a combination of company and independent representatives. Winnipeg, MB serves as the Company’s headquarters, and is its manufacturing and distribution facility for the Canadian market. A second manufacturing facility in Puerto Rico produces regalia for the U.S. and Puerto Rican markets. Additional distribution centers are located in Toronto, Montreal, Omaha, Boston, and Minneapolis.
Ironbridge’s team of nine investment professionals invests in Canadian lower middle-market businesses operating in a broad range of industries including manufacturing, distribution, and consumer and business products and services. The Ironbridge investment team has extensive financial and operating experience and works closely with the management teams of its portfolio companies to enhance value. Ironbridge is currently investing its second private equity fund, Ironbridge Equity Partners II, LP, a fully-committed $154 million fund.
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