December 2016Kendra Scott Design Announces Investment from Berkshire Partners
Austin, Texas – December 21, 2016 – Kendra Scott Design, Inc. (the “Company”), a leading fashion accessories brand led by founder Kendra Scott, announced today that it has entered into a partnership agreement with Berkshire Partners, a Boston-based investment firm. Kendra Scott will continue as majority shareholder and CEO. The Company’s senior leaders will remain in their current positions, focused on growing the brand’s omni-channel presence. Norwest Venture Partners will continue as a minority investor.
Kendra Scott, Designer and CEO, founded Kendra Scott Design with $500 from a spare bedroom in her home in 2002. Under her leadership, the Company has grown into a leading jewelry, home and beauty brand with more than 50 stores throughout the United States and significant wholesale and e-commerce operations.
“Kendra and her team have built an authentic brand that is widely loved,” said Marni Payne, a Managing Director at Berkshire Partners. “The Company’s deep focus on its customers, commitment to product innovation and culture of giving back have led to impressive growth. We look forward to partnering with Kendra and her team to support their continued success.”
“We are delighted to have Berkshire invest with us at a very exciting time for our company,” said founder and CEO Kendra Scott. “Berkshire has significant experience in helping leading brands maximize their potential and a deep appreciation for the Kendra Scott culture and organization.”
Jefferies LLC served as the exclusive financial advisor to Kendra Scott Design and Weil, Gotshal & Manges LLP and Kastner, Huggins, Reddien & Gravelle LLP served as legal counsel to the Company. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Berkshire Partners. The transaction is subject to customary closing conditions and is expected to close during the first quarter of 2017.
About Kendra Scott Design
Kendra Scott is a leading fashion accessories brand inspired by the personal experiences, travel and sense of community of its CEO and Designer, Kendra Scott. A true omnichannel business, Kendra Scott is sold at premiere retailers including Nieman Marcus, Nordstrom, Bloomingdale’s, Von Maur and over 600 specialty boutiques worldwide, the brand boasts a thriving web business and over 50 stand alone retail stores across the United States. The brand is well-known for its comprehensive suite of elegantly designed jewelry pieces as well as lifestyle categories such as beauty, home goods and fine jewelry. The brand also offers the Kendra Scott Color Bar™, an innovative jewelry customization experience available in all Kendra Scott stores as well as www.KendraScott.com.
Kendra Scott has become a staple for women of all ages as well as a favorite of Hollywood's starlets. As the brand continues to grow, the company remains true to its founding philosophy of "Family, Fashion, Philanthropy" and "Kendra Gives Back: You Shop, We Give" initiatives to benefit both local and national charities across the country.
About Berkshire Partners
Berkshire Partners, a Boston-based investment firm, has made over 115 investments since its founding in 1986 and has raised nine private equity funds with more than $16 billion in aggregate capital commitments. Berkshire has developed industry experience in several areas including consumer and retail, communications, business services, industrials and healthcare. Berkshire has a long history of partnering with management teams to build market leading growth companies. Other investments in the retail sector have included Aritzia, Bare Escentuals, Carter’s and Party City. For additional information, visit www.berkshirepartners.com.
Source: Business Wire
Title: Kendra Scott Design Announces Investment from Berkshire Partners
Date Published: December 21, 2016