Destination Maternity Announces New Member of Board
Destination Maternity Corporation, the world's leading maternity apparel retailer, announced that J. Daniel Plants, Managing Partner of Voce Capital Management LLC ("Voce Capital"), has been appointed to the Company's Board of Directors.
Anthony M. Romano, Chief Executive Officer of Destination Maternity, commented, "We are pleased to have Dan Plants join our Board, and we look forward to the positive contributions he will make to our Company."
J. Daniel Plants, Voce Capital's Managing Partner, stated, "As a long-term investor in Destination Maternity, we look forward to bringing additional shareholder perspective to the Board and continuing to work constructively with the Company to help enhance its value."
The Company and Voce Capital have entered into an agreement in connection with today's announcement. Under the agreement, Voce Capital has agreed, among other things, to vote all of its shares in favor of each of the Board's nominees at the Company's 2015 Annual Meeting of Stockholders. In addition, Voce Capital has agreed to certain other customary standstill provisions. The complete agreement between Destination Maternity and Voce Capital will be included as an exhibit to a Current Report on Form 8-K, which will be filed with the Securities and Exchange Commission in the ordinary course.
ABOUT DESTINATION MATERNITY
Destination Maternity Corporation is the world's largest designer and retailer of maternity apparel. In the United States and Canada, as of September 30, 2014, Destination Maternity operates 1,894 retail locations, including 568 stores, predominantly under the tradenames Motherhood Maternity, A Pea in the Pod, and Destination Maternity, and 1,326 leased department locations, and sells on the web through its DestinationMaternity.com and brand-specific websites. Destination Maternity also distributes its Oh Baby by Motherhood collection through a licensed arrangement at Kohl's stores throughout the United States and on Kohls.com. In addition, Destination Maternity has international store franchise and product supply relationships in the Middle East, South Korea, Mexico and Israel. As of September 30, 2014, Destination Maternity has 78 international franchised locations, including 19 Destination Maternity branded stores and 59 shop-in-shop locations. Destination Maternity expects its first franchised locations in Israel to open in Spring 2015, pursuant to its franchise agreement with H&O Fashion Ltd., one of Israel's largest and dominant fashion-retail chains.
ABOUT VOCE CAPITAL MANAGEMENT
Voce Capital Management is a governance-focused, value-driven investor. It is an employee-owned investment manager and the advisor to Voce Catalyst Partners LP, a Private investment partnership. Voce Capital is headquartered in San Francisco, California.