Peter Millar is available — if the price is right.
Winona Capital Management, a Chicago-based investment group that purchased a majority interest in the brand in 2009, is reportedly talking to interested parties about acquiring the men’s and women’s golf and lifestyle brand. Winona had purchased 60 percent of the brand from The Sea Island Co., a family-owned real estate corporation that manages the Cloister resort in Georgia, leaving 40 percent of the company in the hands of the brand’s two managing principals, founder Chris Knott and chief executive officer Scott Mahoney.
“It’s time,” said one source. “They’ve made their money and it’s time to move on.”
Sources said the label is attracting interest, although the asking price is steep. According to insiders, the purchase price would be $100 million, or around 10 times earnings before interest, taxes, depreciation and amortization.
“It’s very pricy and there are few companies willing to pay that,” said one source. “There would have to be earn-outs based on performance.”
The line is gaining traction at retail — sales reportedly rose 33 percent last year — and having success as it expands beyond its roots in golfwear to become a full lifestyle brand.
In March, a Peter Millar boutique opened in Winter Park, Fla., that is being operated by local retailer Craig DeLongy of the John Craig men’s wear chain. The brand also operates stores in Palm Beach, Fla., Southampton, N.Y., and Zurich.
Peter Millar was founded in 2001 by Knott, who came up with the name after seeing an inscription on an antique bowling ball given to him by his mother.
Neither Mahoney nor Luke Reese, managing director of Winona, responded to requests for comment by press time.