The maker of mass and department-store brands Spense and Cable & Gauge is now owned by Meridian Brands.
A portfolio company of Sandy Hill Investors, the merchant banking division of Bruderman & Co., Meridian Brands has acquired Spense owner HMS Productions (HMS), a women’s fashion design and manufacturing firm specializing in branded and private-label apparel. and Meridian
“We are at a defining moment in our company. Bringing together top leadership, vision and a proven track record for developing well-made, great fitting clothing at a great value,” Matthew J. Bruderman, chairman of Sandy Hill Investors and Meridian Brands board vice chairman, said.
He went on to say that “Meridian Brands clearly resonates with our consumers and retail partners, selling tens of millions of units per year through the world’s largest retailers,” including, Amazon, Walmart and Sears.
“With the pandemic in our rear view mirror, new technology, and top management, we now have the necessary framework to take Meridian Brands to a new level of growth,” Bruderman added.
Meridian Brands chief financial officer Jean Lewis described the deal as “an important step in our medium-long term growth strategy,” adding that “[fi]nding an investment partner with strong industry knowledge, and operational and omni-channel expertise is an asset to the company as we leverage our current platform to take Meridian to the next level.”
According to Pitchbook, New York City-based HMS was founded in 1986 and has gone through seven rounds of financing. The name HMS represents the first letter of names of chairman Hale Alpern, design director Michelle Antonelli and founder, co-owner and co-CEO Spenser Alpern.
In addition to Spense and Cable & Gauge, the HMS portfolio includes CG by Cable & Gauge, contemporary knits, sweaters and woven tops and bottoms label Cupio, and casual and vintage-inspired lifestyle collection Melissa Page.