New York, US; January 7, 2021
Partners Group acquires leading healthcare apparel company Careismatic Brands
Partners Group, the global private markets investment manager, has acquired Careismatic Brands ("Careismatic" or "the Company"), a leading designer, marketer and distributor of branded medical apparel globally, on behalf of its clients. The Company was acquired from New Mountain Capital, an alternative investment manager.
Careismatic is an omni-channel manufacturer and seller of medical apparel, corporate identity apparel, school uniforms and adaptive clothing through various retail and online marketplaces, as well as catalogs, serving customers across all segments. Marketed under a portfolio of 15 well-known brands, including Cherokee Uniforms, Dickies Medical, Infinity, HeartSoul and Scrubstar, Careismatic creates fashionable, comfortable and professional uniforms and sells them in 70 countries across the world. The Company has more than 730 employees with operations in the US, Canada, Europe, and Asia.
Partners Group was formerly a shareholder of a predecessor entity of Careismatic, Strategic Partners, Inc., and therefore has a deep understanding of Careismatic's business. Partners Group intends to draw on its prior experience, and work with the seasoned, talented management team, to generate additional growth opportunities for the Company. Key areas of focus will be accelerating the Company's organic growth across all sectors in order to capture a larger share of its growing addressable markets; driving domestic and international expansion through M&A; and targeting a wider customer base through new product launches and investments in marketing. Partners Group will also support the Company's supply chain and operations across different geographies to further optimize production and customer service.
Chris Russell, Managing Director, Private Equity Technology, Partners Group, states: "Medical professionals across the globe are facing unprecedented challenges due to the COVID-19 pandemic, and Careismatic is at the forefront of supplying critical, safe and high-quality apparel to the industry. As the medical uniforms sector is experiencing strong tailwinds, and Careismatic continues to demonstrate an unwavering commitment to responsible governance practices, we believe the Company is strongly aligned with Partners Group's focus on transformative trends and broad positive stakeholder impact. Careismatic is positioned for future growth, further securing its unique position as an omni-channel leader, and our focus on active ownership and transformational investing will help the Company build upon this."
Mike Singer, Chief Executive Officer, Careismatic Brands, comments: "Careismatic is well-positioned to continue to win customers in multiple segments of the uniform market with leading brands and products from medical apparel and footwear to school uniforms, and beyond. Medical professionals, in particular, need to trust that the healthcare apparel they purchase is as advertised, in terms of quality and every other aspect. Careismatic has demonstrated throughout its history that its customers can depend on the Company to deliver exceptional value and service. We are excited to work alongside Partners Group for the second time, having built significant trust during our previous partnership. Partners Group's significant global reach will help us further expand our presence in international markets and identify new products and growth opportunities."
Ryan Ashley, Senior Investment Leader, Private Equity Americas, Partners Group, adds: "Careismatic is the proven leader in the branded medical scrubs market with a vast distribution network, entrenched relationships in all channels, and the leading portfolio of popular brands. In this next phase of growth, Partners Group will work actively with Mike and the management team to further enhance the Company's omni-channel capabilities, marketing and brand positioning, and supply chain efficiency."
Ropes & Gray LLP and PricewaterhouseCoopers LLP acted as advisors to Partners Group.