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FOR IMMEDIATE RELEASE
Contact Information:
Christopher G. Hanssens
Managing Partner
(267) 238-4218
Eureka Growth Capital Acquires Martin Stuart, Ltd.
Philadelphia, PA,
February 10, 2006 -
Eureka Growth Capital (“Eureka”) today announced the February 3rd acquisition of Martin Stuart, Ltd. d/b/a New York Laundry (“NYL” **or** the “Company”) through its newly-formed affiliate, NYL Brands Holdings, Inc. The acquisition of NYL represents Eureka’s first investment through Eureka II, L.P., which held its initial close in November 2005.
Founded in 1989 by long-time apparel industry executive Stuart Disick, NYL is a New York-based designer, seller and distributor of popularly-priced women’s active wear sold through national department stores and other high-volume distribution channels. NYL designs and sells its products primarily under the N.Y.L. New York Laundry label, now represented in close to 5,000 doors throughout the U.S.
Chris Hanssens, Partner with Eureka Growth Capital, stated: “We are very excited to partner with an experienced team to leverage the strength of NYL’s brands, design and logistics expertise to grow the Company through additional product categories and retail channels. Adding the operational and merchandising experience of industry veterans Paul Palmeri and Nick DeMarco to a strong existing team provides the management depth to continue the Company’s impressive historical growth.”
In addition to Eureka, significant equity investments were made by senior management and MCG Capital Corporation (Nasdaq: MCGC) of Arlington, Virginia. MCG Capital also provided the senior and subordinated debt to facilitate the acquisition.
About Eureka Growth Capital
Eureka Growth Capital is a private equity firm providing capital and trusted counsel in partnership with proven managers to drive the growth of promising companies into outstanding enterprises. Eureka is committed to supporting exceptional management teams of businesses with $10 million to $75 million in revenue. Eureka leads buyouts that bring significant ownership to the managers driving the success of the business as well as minority recapitalizations with flexible investment structures designed to uniquely meet the needs of the company, its management team and other shareholders. More information about Eureka Growth Capital can be found at www.eurekagrowth.com.
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3420 BELL ATLANTIC TOWER, 1717 ARCH STREET,
PHILADELPHIA, PA 19103
PHONE (267) 238-4200 FAX (267) 238-4201
WWW.EUREKAGROWTH.COM
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