Castanea Partners announced today that it has invested in Astor & Black Custom Clothiers. Founded in 2004 by David Schottenstein, the company is a premier provider of custom clothing.
“Astor & Black is an exciting investment opportunity for us,” said Robert Smith, Managing Partner of Castanea. “David and his team have done a terrific job of building a business that offers customers an unmatched value proposition by delivering superior customer service and product quality at attractive price-points. We are excited to partner with David and continue to find new ways to enhance the customer experience.”
“The business has significant wind at its back as the apparel market continues to see a rapid trend towards customization,” noted Troy Stanfield, Partner for Castanea. “There is a meaningful opportunity to accelerate growth by implementing digital strategies that heighten the customer’s experience and convey the Astor & Black value proposition to potential customers.”
Astor & Black has established itself as a differentiated and progressive brand of clothing, known for its high quality, exquisite tailoring and cutting-edge design. Astor & Black appeals to a broad base of professionals and counts numerous high profile athletes, businessmen and celebrities amongst its client base. The brand’s product line includes men’s suits, shirts, and casual apparel. Headquartered in Columbus, Ohio, the company markets its products online at astorandblack.com and through its professional clothiers, who visit customers directly at their homes or offices for custom fittings.
David Schottenstein will continue to lead the business following the transaction and will retain a significant equity interest in the company.
“Castanea’s extensive experience in working with entrepreneurs to build successful businesses coupled with their deep understanding of the high-end apparel business made them the logical partner for the business,” said David Schottenstein. “Castanea has a solid understanding of our customer and how we can best position the business for future growth.”
Terms of the transaction were not disclosed.
Castanea is a private equity firm that works in partnership with founders and management teams of innovative passion brands to grow their businesses through a combination of capital investment and operating expertise. We are focused on select consumer verticals including beauty, food and beverage, multi-unit services, and enthusiast lifestyle. We typically invest between $15 to $150 million of equity in minority or majority transactions. Our team of talented operating executives offers critical expertise in key verticals and functional areas, and provides our partner companies with strategic and tactical support. Castanea has more than $1 billion in assets under management and is currently investing from a $735 million fourth fund. For more information about Castanea Partners read our story.