Next Level Apparel (asi/73867), the eighth largest supplier in the promotional products industry, announced Monday that it’s been recapitalized by Blue Point Capital Partners, a private equity firm. The companies did not release financial terms of the deal.
“Blue Point knows the apparel sector extremely well and we’re excited for what’s to come in our partnership,” said Joe Simsolo, founder and CEO of Next Level. “Blue Point’s strategic approach and resources will help further develop and diversify our ability to provide quality, fashionable apparel to our customers.”
Principals at Blue Point said that Next Level is an attractive company to invest in, not least of all because the Gardena, CA-based supplier differentiates itself by creating innovative fabric blends. “Next Level is an established platform operating in the rapidly growing fashion basics category with significant avenues for future growth,” said Jeff Robich, a principal with Blue Point. “The company’s leading position, strong relationships and brand reputation with the major distributors and decorators makes this a great opportunity for Blue Point to be a value-added partner and help facilitate the company’s continued growth.”
This isn’t Blue Point’s first investment in the promotional products industry. The Cleveland-headquartered firm acquired supplier Spector & Co. (asi/88660) in April. Blue Point also recapitalized J. America (asi/62977) in 2016.
With reported 2017 North American promotional products sales of $201.2 million, Next Level ranked eighth on Counselor’s just-released list of the largest suppliers in the industry. Founded in 2003, the company was new to the Top 40 list this year. Of new companies on the list, Next Level ranked the highest.