Apax Partners Completes Acquisition Of Cole Haan; Industry Veteran Jack Boys Named As Cole Haan's CEO
NEW YORK and LONDON, Feb. 1, 2013 /PRNewswire/ -- Funds advised by Apax Partners, a global private equity firm, today announced that they have completed the previously announced acquisition of Cole Haan LLC, a leading designer and retailer of premium footwear and related accessories, from NIKE, Inc.
In connection with the closing, Jack A. Boys has been named Chief Executive Officer of Cole Haan, effective immediately. Mr. Boys previously served for 10 years as the CEO of Converse, Inc. and led its revitalization into a fast-growing global lifestyle brand. Prior to Converse, Mr. Boys created and implemented the "Never Stop Exploring" brand and merchandise strategy that led to the successful turnaround and aggressive revenue growth for The North Face brand.
Mr. Boys said, "I am thrilled to work with the Cole Haan team to build on the brand's incredible legacy. From the time Trafton Cole and Eddie Haan launched the business 85 years ago, Cole Haan has established a history of outstanding craftsmanship, innovative design and exceptional quality. Now, as an independent company, we have an exciting opportunity to expand upon the Cole Haan tradition, deliver new, consumer-driven products and grow as a lifestyle brand with a global footprint."
"We are very pleased to be partnering with Jack and the employees of Cole Haan as the company embarks on the next chapter of its growth," said John Megrue, Chief Executive Officer of Apax Partners U.S. and Partner in the Retail & Consumer team. "Cole Haan is an iconic brand, and we look forward to working together in support of its continued expansion."Alex Pellegrini, a Partner in Apax's Retail & Consumer team, said, "We see tremendous opportunities for Cole Haan and are excited to partner with Jack Boys to take the business to the next level. Jack has an extraordinary track record of successfully developing and growing global lifestyle brands. His leadership and experience will be invaluable as we focus on unlocking the potential of this brand both in the U.S. and abroad." Jefferies & Company, Inc. acted as financial advisor and provided financing to Apax. Kirkland & Ellis LLP provided legal advice and Ernst & Young provided accounting and tax advice.
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