Contact:
Paul L. Davies III or Christopher Sekula
The Cambria Group
(650) 329-8600
The Cambria Group Makes Investment in C. C. Filson Company
FOR IMMEDIATE RELEASE
MENLO PARK, California, May 31, 2005 – The Cambria Group announced today that it had made an equity investment in C. C. Filson Company, a leading designer and manufacturer of premium apparel and accessories for the hunting, fishing, outdoor and workwear markets.
Cambria acquired a minority stake in the Company, providing an infusion of patient capital to stimulate and support its future growth. In making the investment, Cambria joined Brentwood Associates, a Los Angeles-based private equity firm managing over $750 million in capital, Filson’s new Chief Executive Officer Doug Williams, and former majority owner Stan Kohls as equity holders.
Cambria has a successful track record investing together with other private equity firms, according to Managing Principal Lew Davies. “Cambria’s focus remains being a lead investor in acquiring smaller businesses, but we have also worked very successfully alongside other like-minded private equity firms.” Cambria has co-invested with several other firms over its nine-year history, Davies explained, noting that the firm had completed several successful transactions with Brentwood Associates with whom he was a Principal in the early 1990s.
Filson is Cambria’s second equity investment in the last seven months and fits the firm’s investment model well. Cambria Principal Chris Sekula highlighted key appeals of the business: “Filson is a very well-regarded brand with a strong customer following and multiple channels of distribution.” He also noted that the firm, its co-investors and management all believe the Company has “tremendous upside potential, based on the ability to expand both the Company’s product line and the breadth of its distribution.”
Davies added: “We are also thrilled to be backing a superb executive like Doug Williams, who brings a deep background in apparel design, manufacturing, and distribution. He is a perfect match for the Company.” He explained that the firm has identified the quality of management as a critical factor and one of the primary determinants in the success of its investments, adding that Cambria was very pleased to be backing and investing alongside the Company’s new executive team.
Founded in 1996, The Cambria Group is a private equity firm which acquires and invests in small and mid-sized operating businesses across a wide spectrum of manufacturing, distribution and service industries. The firm’s acquisition targets are generally stable, profitable businesses with valuations under $25 million--typically, private companies or corporate divestitures and all pursued on a friendly basis--where the companies lack both the high growth sought by venture capitalists and the scale required to interest traditional fund-based buyout firms. Cambria’s principals, each of whom has an operating as well as transactional background, provide the majority of the equity themselves and take an active approach in their roles as shareholders and board members.
To date, the firm has made eight investments, including Cobblestone Golf Group, a golf course ownership and management company; Crossbow Technology, a manufacturer of motion-based sensor products and wireless sensor networks; Classroom Connect, an educational publisher focusing on internet products for K-12 classrooms; FleetPride, a distributor of heavy duty truck parts; DSA/Phototech, a manufacturer of illuminated display systems used in store fixture, point-of-purchase and trade exhibit applications; Bacrac Supply Company, a distributor of disposable construction tools and supplies; Ancient Mosaic Studios, a leading designer and manufacturer of luxury furniture products and accessories; and C. C. Filson Company. Cambria has exited three of these investments, including two sales to large strategic buyers. Cambria is actively pursuing other acquisition and investment opportunities and plans to assemble a portfolio of approximately ten to twelve stand-alone companies over the next few years.
Cambria’s primary office is in Menlo Park, California, with a satellite office in Lexington, Massachusetts.
# # #
