Clearlake Capital Group said Tuesday it acquired Swiss Watch International, the distributor for Invicta, Glam Rock and Kenneth Jay Lane watches.
Terms of the acquisition were not disclosed, according to the Los Angeles-based private investment firm.
“Swiss Watch International is the clear market leader with an exceptional executive team that has an impressive track record of merchandising, distribution and online retailing capabilities,” said Clearlake’s founding partner, Behdad Eghbali. “We plan to work closely with management to grow the business and contribute Clearlake’s operational capabilities to enhance value at SWI.”
The Los Angeles-based SWI is best known for its e-commerce business through Web sites such as WorldofWatches.com, eWatches.com, TheWatchery.com and SmartBargain.com. The company is also a supplier to online retailers, marketplaces, streaming video and social commerce channels, private sales sites, daily deals and other channels.
Along with Clearlake executive partners Eghbali and Arta Tabaee, Neel Grover and Greg Giraudi have joined the SWI board. According to Clearlake, Grover, who most recently served as chief executive officer of Rakuten-owned Buy.com, and Giraudi, who served as Buy.com’s chief operating officer, will bring “key operational and marketing initiatives” to SWI.
GSO Capital Partners and PNC Bank provided debt financing for the deal. Blackstone Advisory Partners served as financial advisers to SWI, and Moelis & Co. served as Clearlake’s advisers.