Seattle, Washington | July 2016 – Meridian Capital is pleased to announce the majority investment in its client, Classic Accessories, Inc. (“Classic Accessories”), by CID Capital, LLC, an Indianapolis-based private equity firm focused on investments in middle market consumer companies. In connection with the transaction, Meridian served as the exclusive advisor to the shareholders of Classic Accessories.
Based in Kent, WA, Classic Accessories is the leading designer and distributor of innovative textile products that cover, protect and organize outdoor gear in North America. Founded in 1983 by Jacob Engelstein, Classic Accessories has grown from an automotive accessories business into a market leading, diversified, outdoor products accessories brand. Mr. Engelstein commented, “this has been a great opportunity for me to achieve financial goals for both myself and my family, while also supporting the continued growth for Classic Accessories and its employees.”
The investment from CID Capital will enable Classic Accessories to continue its growth momentum through product category extensions, international growth and selective acquisitions. “The partnership with CID represents a tremendous cultural and strategic fit for the Classic Accessories team. The Company is a product development and online technology leader at the forefront of ecommerce and outdoor lifestyle trends. This transaction positions Classic Accessories to further capitalize on its market opportunities, while simultaneously representing a tremendous outcome for Jacob,” said Brian Murphy, President and Managing Director of Meridian Capital.
“This was a very important decision for the company and one that was taken very seriously on finding the right partner. CID aligns extremely well with Classic Accessories’ values and how we conduct business. Meridian was instrumental in helping identify and select a partner in alignment with our strategic goals moving forward,” said Brian Bozlinski, President of Classic Accessories.
As part of the recapitalization, First Merit Bank provided the senior financing and Northstar Capital provided subordinated debt and equity financing. Davis Wright Tremaine LLP served as legal counsel to Classic Accessories.