PRNewswire/ -- Private equity firm Morgenthaler Partners says it will partner with former executive Michael DiMino to create Affinity Specialty Apparel, a Cleveland, Ohio-based business that will buy and operate manufacturing companies in the uniform and specialty apparel market. The two sides have committed $25 million and DiMino will serve as chief executive of the new company.
Affinity Specialty Apparel will focus on acquiring companies that produce high-end uniform, specialty apparel, accessories and safety products for specific industries - including healthcare, construction, education, police, fire and the hospitality industry. The company will focus on the direct sale market, rather than the rental market.
"This market, estimated at approximately $5 billion, is not overly cyclical and can better withstand a recession than most,” said Peter Taft, a partner at Morgenthaler Partners and Affinity Specialty Apparel board member. ‘Generally speaking, people will continue to purchase uniforms in the education, government and healthcare sectors even during a downturn."
DiMino is a former president and COO of Uniforms to You, one of the largest direct sale uniform companies in the US prior to its acquisition by Cintas. He was also the president and CEO of LESCO, a $585 million public company prior to its acquisition by John Deere.
ASA is interested in acquiring platform companies with EBITDA in excess of $5 million, as well as add-on acquisitions.
Morgenthaler is a national buyout and venture capital firm with a middle market buyout group based in Cleveland, Ohio and Boston, Massachusetts. The firm has approximately $3 billion under management and has funded more than 300 companies over its 40-year history. The firm's buyout group focuses on the middle market with transaction values between $25 - $150 million and EBITDA in excess of $5 million. It has two primary target investment areas: high-value manufacturing and business services. For more information about the company visit www.morgenthaler.com/buyouts
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