MR Magazine MRketplace BREAKING Randa Buys Badanco Luggage by ewghwehws

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									MR Magazine MRketplace: BREAKING: Randa Buys Badanco Luggage




                              In The News
                              BREAKING: Randa Buys Badanco Luggage

                              By: Arnold J. Karr
                              January 24, 2007

                              NEW YORK – Moving its business into yet another new but adjacent product
                              category, Randa Accessories has acquired Badanco Luggage Co. from
                              Champlain Capital Partners, a private equity firm. Terms of the transaction
                              weren’t disclosed.

                              Badanco will operate as a separate entity with headquarters and distribution
                              center in Totowa, NJ, and will continue to be led by Peter Corritori, who has
                              headed the firm as president and chief executive since 2005, when it was
                              purchased by Champlain. The company, believed to be the third largest
                              luggage firm in the US, markets luggage, casual bags and business cases
                              through national and mid-tier department stores and through its own
                              e-commerce site. Its licenses include Polo Ralph Lauren, Chaps, Diane von
                              Furstenberg, Liz Claiborne, Pierre Cardin, Donald J. Trump and Tommy
                              Bahama. Randa markets licensed products under the Chaps and Donald J.
                              Trump brands as well.

                              The transaction brings Corritori closer to the apparel orbit in which his
                              career began. Following early work with Federated Department Stores, he
                              held senior executive positions at Palm Beach’s Eagle Shirtmakers unit,
                              Cluett Peabody’s Colours by Alexander Julian division and Phillips-Van
                              Heusen’s Designer Group and Gant brand. He was president of Calvin Klein
                              Kids Jeans before moving to Badanco and, just prior to that, chairman and
                              CEO of The Florsheim Group.

                              Jeffrey Spiegel, president and CEO of Randa, commented, “The acquisition
                              of Badanco expands our commitment to our retail partners as the leader in
                              product management. The strong brand portfolio of Badanco uniquely
                              complements Randa’s core men’s accessories business and we look forward
                              to leveraging our shared strengths to attract new opportunities for continued
                              growth.”

                              Randa pursued similar results in February 2003, when it acquired Trafalgar,
                              a producer of upscale braces, belts and leather goods, and with its June
                              2001 purchase of Humphreys. Randa is privately held but reports on its Web
                              site that its 2005 revenues, including international operations, were $240
                              million.

                              Other labels in the Randa stable include Geoffrey Beene, Countess Mara,
                              Izod, Jones New York, Levi’s, Van Heusen, Dickies, Arrow, Columbia and Ben
                              Sherman.

                              Randa was advised by Peter J. Solomon Co. and received legal advice from
                              Olshan Grundman Frome Rosenzweig & Wolosky.



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