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Bear Growth Capital Partners and Everything But Water Acquire Just Add Water
| Source: Bear Growth Capital Partners
NEW YORK, NY -- (MARKET WIRE) -- February 28, 2007 -- Bear Growth Capital Partners ("BGCP"), an
affiliate of Bear Stearns Merchant Banking, announced today that it has
acquired Just Add Water, a twelve-store specialty retailer of women's swim
and resort-wear located in Texas and Alabama. Upon closing, BGCP will
combine Just Add Water with its portfolio company, Everything But Water,
the largest independent specialty retailer of women's contemporary swim and
resort-wear in the U.S. The acquisition will bring Everything But Water to
72 stores nationwide and further enhance its position as the leading
specialty retailer of swim and resort-wear in the U.S. Terms of the
transaction were not disclosed.
"The acquisition of Just Add Water is yet another step toward our growth
strategy of expanding the retail presence and geographic footprint of
Everything But Water," said Joe Scharfenberger, Managing Director, Bear
Growth Capital Partners. "Since we acquired Everything But Water in April
2006, our initial store count increased by nearly 40 stores, and now with
the acquisition of Just Add Water, we have significantly enhanced our
presence in the important Texas market."
"This transaction is an exciting opportunity to build on our recent
expansion as Ron McCullars has already built a strong and loyal customer
base with attractive retail locations in almost all of the key cities in
Texas. We look forward to working with his management team throughout the
integration process and beyond," said Ann Tucker, President of Everything
But Water.
All of the Just Add Water stores will continue operating as usual and over
the next few months the stores will eventually adopt the Everything But
Water brand name. "We are excited to be joining Everything But Water and
have enjoyed working with the their team and the group at Bear Growth
Capital Partners through this process," said Ron McCullars, owner of Just
Add Water.
About Just Add Water:
Just Add Water, founded in 1981, operates twelve existing stores with two
planned openings this year. The concept is to offer the female consumer
the largest and most fashionable selection of swim and resort wear in the
industry. For more information: www.justaddwater.com.
About Everything But Water, LLC:
Everything But Water, LLC is a national 60-store specialty retailer of
women's swimwear and related accessories, located in 22 states and Puerto
Rico. The Company provides the largest selection of trend-setting swimwear
for the contemporary woman. More information about Everything But Water
can be found at www.everythingbutwater.com.
About Bear Growth Capital Partners:
Bear Growth Capital Partners ("BGCP") is an affiliate of Bear Stearns
Merchant Banking, the private equity arm of The Bear Stearns Companies Inc.
(NYSE : BSC ). BGCP focuses on making investments in middle market
companies valued between $25 and $150 million. BGCP invests in compelling
growth capital opportunities, traditional buyouts, recapitalizations,
co-investments, and control and minority ownership positions alongside
superior management teams and other private equity sponsors. More
information about BGCP can be found at www.bsmb.com.