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.