Goode Partners LLC, the New York-based private equity firm, announced the acquisition of Forman Mills, from Richard Forman, CEO and President, owner and founder.
Goode Partners will fund the Company’s continued store expansion and invest in the Company’s infrastructure to accelerate growth. Cohesive Capital Partners has joined with Goode as an investor in the transaction. Richard Forman will serve as an advisor to the Company to facilitate the transition.
“We are delighted to be acquiring Forman Mills from Richard Forman. Richard and his management team have built a great company that has a long history of providing family apparel with great style, selection, and value to its customers,” said David Oddi, partner of Goode. Oddi continued, “We plan to continue to expand geographically over the next several years and invest in the Company’s infrastructure. Our first priority is to improve the shopping experience for our customers by investing in our people and supporting them with additional resources, including an upgraded point-of-sale system.”
The management transition team will consist of Allen Weinstein as Executive Chairman of the Company’s board of directors and Interim Chief Executive Officer. He will be supported by Michael Moore and Dennis Tompkins.
Allen Weinstein has significant senior management experience with several apparel retailers. Weinstein currently serves as Executive Chairman of Villa, a footwear and apparel retailer that is also a portfolio company of Goode Partners, and also serves on the board of directors of Villa and Destination Maternity (DEST). Weinstein served as the Chief Executive Officer and a director of Body Central Corporation from 2009 to 2012. Prior to joining Body Central, Weinstein was the EVP Chief Merchandising Officer of The Cato Corporation from 2005 to 2009, and also served in other senior merchandising roles at The Cato Corporation from 1997 to 2005. Weinstein also served as SVP Merchandising at Catherine Stores Corporation and as SVP Merchandising at Beall’s Inc.
Michael Moore has broad financial and operating experience in the retail industry. Moore currently serves on the board of directors of Continental Building Products (CBPX), Southeastern Grocers, and The Tervis Tumbler Company. Moore has served as a Chief Financial Officer for both private equity-sponsored and publicly held companies. Moore has served as the CFO for Bloomingdales, The Cato Corporation, Advance Auto Parts, Pamida Stores, and most recently for Ruby Tuesday.
Dennis Tompkins has significant experience in retailing. Most recently, Tompkins served as SVP Merchandise Planning/Allocation and Control for The Cato Corporation from 2004 to 2015, and also served in other senior merchandise planning and allocation roles at The Cato Corporation from 1991 to 2004.
Tompkins also served in senior merchandise control and financial roles at Limited Corporation, McCrory Stores, and May Department Stores.
Headquartered in Pennsauken, New Jersey, Forman Mills owns and operates 36 stores in nine states. Founded in 1985, the company sells off-price apparel and footwear for men, women, and children as well as home goods.
About Goode Partners
Goode Partners LLC is a New York-based private equity firm that focuses exclusively on investment opportunities in the retail, restaurant, apparel, direct marketing and branded consumer products sectors. The firm leverages its unique combination of investment capital, a team of professionals with experience investing in and operating some of the world’s premiere consumer brands and an extensive industry network. More information on Goode Partners and its team can be found on the firm’s website www.goodepartners.com.