Growth continues to be the name of the game when it comes to investing in retail.
This story first appeared in the January 3, 2013 issue of WWD. Subscribe Today.
Private equity firm Goode Partners took a stake in Philadelphia-based Sneaker Villa Inc. — which more than doubled the size of its store base last year and now has more than 50 units. New York–based Goode has a track record with smaller retailers, having previously taken stakes in Intermix and All Saints.
Villa sells footwear and apparel from brands such as Nike, Jordan, Timberland, Adidas, Puma and Rocawear. The company has stores in a host of Northeastern and Midwestern markets, including Philadelphia, York and Allentown in Pennsylvania as well as Chicago and Detroit.
Villa is led by chief executive officer and shareholder Jason Lutz, son Chris and Ruth Lutz, who opened the company’s first store in 1989. Peter J. Solomon Co. managing director David Shiffman advised Villa on the deal.
The retailer plans to expand in its existing markets and break into new territory in the years ahead.
“We look forward to leveraging our experience investing in and advising growth consumer retail companies to augment the extremely talented management team already in place at Villa,” said David Oddi, a partner at Goode.
Lutz said Goode’s experience with high-growth retailers figured into the decision to partner with the private equity firm for “the next chapter in our growth.”