Private equity firm Webster Capital has acquired a stake in Lifestyle Brands LLC.
The dollar amount of the stake was not disclosed. Lifestyle Brands is the licensee for all nonfood and beverage consumer products of Margaritaville, the global brand that was inspired by the lyrics and lifestyle of Jimmy Buffett. Lifestyle manufactures women’s and men’s apparel, swimwear and accessories aimed at the beach lifestyle and tropical escape space. The Margaritaville brand, which does about $1.4 billion at retail, also has products in the home goods, outdoor furnishings and recreational merchandise categories. The Margaritaville brand, through Margaritaville Enterprises since 1977, also includes restaurants, retail shops, hotels and resorts.
Donald Steiner, managing partner at Webster Capital, said, “I have been a fan for many years and appreciate the enthusiastic and broad following for this beach lifestyle brand that appeals to consumers across many demographics. We love Margaritaville’s products and believe there is a huge opportunity to expand distribution and brand penetration.”
Joe Laurita, chief executive officer of Margaritaville Apparel, said, “This new partnership allows our brand to continue pursuing key growth initiatives and deliver the everyday fun and escapism our customers have come to expect from Margaritaville.” The company recently showcased its new women’s swimwear and resort apparel collection at Miami’s SwimShow.
While most of the products are marketed under the Margaritaville name, some are also under the labels LandShark, St. Somewhere, License to Chill and It’s Five O’Clock Somewhere. The products are distributed through different channels, including wholesale, specialty and department stores in the U.S., and at HSN and Frontgate. They are also available at the company’s web site, Margaritavillestore.com.
Webster Capital was founded in 2003 and has more than $600 million of assets under management. Most of its transactions are between $30 million to $100 million. Webster’s previous investments include Hudson Jeans; Sundance, the direct marketer founded by Robert Redford; FullBeauty Brands, a direct marketer of primarily plus-size apparel brands such as Roaman’s, and Orchard Brands, a direct marketer that included the Draper & Damon’s, Sahalie, Appleseed’s and Tog Shop brands.