Sun Capital Partners Inc. said it has acquired Gordmans Inc., an Omaha, Neb.-based apparel and home fashions retailer with 65 stores in 16 midwestern and mountain states.
Terms of the deal were not disclosed. Gordmans is a full-line, value-priced retailer that carries apparel, accessories, footwear, jewelry and home furnishings.
Brian J. Urbanek, vice president of Sun Capital, said, “We are pleased to add Gordmans to our growing portfolio of retail affiliates, which includes controlling ownership interests in 16 direct marketers; department stores; grocery, pharmacy and convenience stores, and specialty and apparel retailers.”
Sun Capital bought Kellwood Co. in February and was part of the consortium that acquired the now-bankrupt Mervyns in 2004. Its apparel and retail investments also include the Anchor Blue Retail Group, Gerber Childrenswear, Hanna Andersson, Lee Cooper, The Limited, ShopKo and Pamida.
Jeff Gordman, Gordmans’ chairman and chief executive officer, said, “We are very proud of the growth and success that Gordmans and its predecessor entities have enjoyed over the last 90 years, and have determined that the best path going forward is to join forces with Sun Capital Partners, a financial sponsor with deep operating experience in several retail sectors.” He added the deal will allow Gordmans to expand its existing footprint.
Originally Richman Gordman and a second group of retail stores under the banner 1/2 Price Stores was launched in the Seventies, and by 1990 the company had grown to 16 Richman Gordman stores and 16 1/2 Price Stores. After Jeff Gordman became ceo in 1996, he began the process of repositioning the portfolio of name brands offered and developed a new store prototype, out of which grew the current Gordmans operation.
Richman Gordman dates back to the Thirties, when Dan Gordman, a former Bloomingdale’s employee, moved to Omaha, married Esther Richman and became a partner in the small store operated by her father, Sam Richman.