CSG Partners Closes ESOP Buyout for EVY of California
CSG Partners, LLC announced that it served as financial advisor to Evy of California, Inc., a leading Los Angeles girls' apparel company, in its recent sale of a minority equity interest to a newly formed Employee Stock Ownership Plan (ESOP).
EVY designs, sources, imports and distributes branded, licensed, and Private label dresses and sportswear to a wide range of department stores, specialty, discount and club retailers across the U.S. The company was founded in 1948 and operates additional offices in New York, Seattle; Puebla, Mexico; and Shanghai, China.
"I attribute our company's achievements over its 65 year history to our hard working management team and our dedicated work force. Evy has grown significantly and we wanted to share our past and future success with our treasured employees," said Kurt Krieser , the company CEO. "Implementing an ESOP was a superior alternative for the company, for our people and for the owners. An ESOP is an exceptional way to reward employees for their continued contribution, loyalty and hard efforts and it positions our company for sustained future growth," he added.
Eitan Milstein , the Managing Director of CSG Partners' San Francisco office, led the CSG transaction team. He commented, "The ESOP buyout was an ideal solution for everyone involved. ESOPs provide an attractive and tax efficient liquidity strategy for the selling owners, tax incentives for the company, and exceptional benefits for the employees, who will now become owners of EVY. CSG Partners was privileged to have advised EVY on this exciting transaction."
"The ESOP buyout is a thrilling opportunity for the company and its employees. We were very fortunate to have Eitan and the CSG team lead us through the ESOP process. Their level of expertise, professionalism, and responsiveness to our needs was outstanding. We were continually impressed with their ability to navigate complex issues and to deliver everything they promised and more," continued Mr. Krieser.