Johnnie-O announced today that it has closed an investment of $108 million from Wasatch Global Investors and Ares Management Corporation funds. The premium lifestyle brand is differentiated by its loyal and passionate consumer following, high-quality product, and omnichannel balance, resulting in superior financial performance and consistently high sales and profit growth. The mass casualization of America has allowed johnnie-O the market opportunity to provide consumers of all ages with a broad range of unique upscale lifestyle apparel, wearable on numerous occasions, including at the office, on the golf course, on the beach, or an evening out.
The johnnie-O brand and logo have resonated deeply with consumers, resulting in a shared sense of community and success across each of its channels. The company’s e-commerce channel has contributed significantly to the company’s success, while the wholesale and johnnie-O retail store channels have enjoyed similarly high levels of growth. The company expects to continue to drive and broaden the brand in 2022, and grow its presence across all channels.
johnnie-O’s sales and EBITDA grew by more than 80% in 2021. This financing positions the company to continue its growth trajectory and support the johnnie-O brand, further nurture its relationship with consumers and retail partners and broaden its investor base. After giving effect to the financing, Wasatch and Ares funds collectively will hold a minority interest in the company.
Brian Goldman, Partner at Ares, said, “We are excited to provide flexible capital in support of johnnie-O’s strong growth plans. This investment dovetails with Ares’ strategy of investing alongside companies with strong brands, compelling track records, and best-in-class management teams.”
Dave Gatto, CEO of johnnie-O, commented, “We are delighted to partner with such high caliber firms as Wasatch and Ares as we continue to grow our brand and community and build the next great iconic American brand.”
John O’Donnell, Founder of johnnie-O, said, “I am so proud of our team and humbled by the growth of our business which has resulted from the consistent engagement of our loyal consumers and trusted retail partners.”