Oak Hill takes ownership stake in Earth Fare
New York — Private equity firm Oak Hill Capital Partners has acquired an 80% ownership stake in the 25-store natural food chain Earth Fare. The deal values the company at $300 million.
“Earth Fare is well-positioned for expansion given robust consumer demand for natural and organic food, widespread interest in environmental sustainability, and significant market opportunity across the United States,” said Tyler Wolfram, a partner of Oak Hill Capital, in a statement. “We look forward to working closely with Jack Murphy and the rest of the management team to support Earth Fare’s next phase of growth."
Oak Hill is buying the share from Monitor Clipper Partners, which has owned Earth Fare since 2006. Monitor Clipper, along with Earth Fare’s current management team, will retain a minority ownership.
Modell’s makes executive appointments
New York — Modell’s Sporting Goods announced the promotions of two members on the company’s executive team.
Charles Castaneda has been promoted to executive VP — planning, allocation, replenishment and e-ccommerce merchandising. Castaneda joined Modell’s in December of 2010 as senior VP – planning, allocation and replenishment.
Todd Smyth has been promoted to VP/GMM of the licensed product division. He has been with Modell’s for the past 12 years.
Payless ShoeSource names GM for women’s, accessories
TOPEKA, Kan. — Payless ShoeSource, a business unit of Collective Brands, has named Michele Bergerac SVP and general merchandise manager for Payless’ women’s and accessories businesses, reporting to LuAnn Via, president and CEO for Payless.
Bergerac will oversee product creation and merchandising for the Women’s footwear and accessory collections, covering a range of categories including dress, sandals, casuals and boots for women, as well as accessories including handbags, socks and hosiery, scarves, jewelry and beauty and body products.
Since 2009, Bergerac most recently served as divisional VP divisional merchandise manager for soft home goods at the Marmaxx division of TJX. Prior to TJX, Bergerac served as president, chief merchant for Bakers Footwear Group from 1999 to 2007, and from 1998 to 1999 she served as president for Edison Footwear Group. She served as VP women’s, men’s and vhildren’s Shoes for Foley’s from 1991 to 1998. Prior to Foley’s, she served as VP divisional merchandise manager, women’s shoes at G.Fox from 1987 to 1991 and as a buyer at May Company California from 1982 to 1987. Bergerac began her career in New York at Abraham & Straus, working her way up from the executive training program to buyer of junior and misses shoes during 1977 to 1981. Bergerac earned her Bachelor of Arts degree from Colgate University.