| 8/11/2004 |
Industry Veteran Mary Gleason to Become President of Exeter Brands Group LLC, a New, Wholly Owned Subsidiary of Nike, Inc.
Boston, MA (11 August, 2004) - Parthenon Capital, a leading private equity firm with offices in Boston and San Francisco, announced today that Nike, Inc. (NYSE:NKE) acquired 100 percent of the equity shares of Official Starter LLC and Official Starter Properties LLC. Parthenon Capital invested in Starter in 1999 and successfully grew the company with the leadership of Mary Gleason, president and CEO of Group 3 Design, a full-service brand management company.
With Parthenon Capital's support, Group 3 Design revived the Starter brands (Starter, Team Starter, Ashpalt, Shaq and Dunkman) by repositioning the company in the mass market. Over time Starter became the #1 branded athletic apparel company in the mass market. Success was based upon delivering an incomparable product, priced for the value channel combined with a superior brand. With innovative marketing initiatives and constant new product introductions the company dramatically grew over the last 4 years.
Drew Sawyer, Managing Director at Parthenon Capital stated, "The value retail channel has been the growth channel for athletic product for the last 20 plus years. We are thrilled that Nike recognized this opportunity and decided to acquire the #1 brand in this channel as the foundation to their long term strategy in the mass." He added, "This represents the conclusion of a terrific investment for our limited partners and a great opportunity for Nike to build on the success of Starter."
The business will be operated by Exeter Brands Group LLC, a newly created operating unit of Nike, Inc. dedicated to building brands in the value retail channel. Effective immediately, Mary Gleason, former president and CEO of Group 3 Design, the brand management company that has managed the Starter brand since 1999, will become president of the New York-based Exeter Brands Group. As president of Exeter, Gleason will manage a portfolio of athletic brands, including Starter, Team Starter, Asphalt, Shaq and Dunkman. Each brand designs, develops and markets apparel, footwear and accessory products to the value retail channel. Gleason and the Exeter Brands Group will be headquartered in New York City.
"Joining the Nike, Inc. team is an incredible opportunity for me personally and professionally. By leading the Exeter Brands Group, I can continue to build on the brand momentum and market opportunities we have created over the last five years," said Mary Gleason. "The Nike portfolio of brands has had great success. I look forward to working with the Nike senior management team and sharing my knowledge of the value channel and learning from their expertise and success in building global brands," she added.
Parthenon Capital is a $1.1 billion private equity firm with offices in Boston and San Francisco. The firm focuses on providing financial backing and strategic support to middle market companies for acquisition and internal growth strategies. Parthenon Capital has a particular expertise in the following industries: Business/Financial Services, Food & Beverage, Healthcare, Consumer Products, Value-Added Distribution, and Niche Manufacturing.
NIKE, Inc. based in Beaverton, Oregon is the world's leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Wholly owned Nike subsidiaries include Converse Inc., which designs, markets and distributes athletic footwear, apparel and accessories; Bauer NIKE Hockey Inc., a leading designer and distributor of hockey equipment; Cole Haan, which designs, markets, and distributes fine dress and casual shoes and accessories; Hurley International LLC, which designs, markets and distributes action sports and youth lifestyle footwear, apparel and accessories and Exeter Brands Group LLC, which designs and markets athletic footwear and apparel for the value retail channel. |
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