Jesta Acquires Essentus
Montreal-based real estate conglomerate Jesta Capital Group has acquired all of the intellectual property and assets of fellow Montreal firm Essentus Inc. and its New York-based U.S. subsidiary Essentus International Inc., which markets the Fashionchain brand of supply chain software solutions for the apparel industry. Terms of the deal were not disclosed.
This will be Jesta’s first venture into software solutions and the apparel industry. The company has real estate holdings in Canada, France, the U.S. and Mexico, but its management saw an opportunity in Essentus, which lately has been struggling with its financing.
Essentus’ customers include Guess? Inc., Perry Ellis International Inc., Jones Apparel Group, Inc., Liz Claiborne Inc. and Tropical Sportswear International Corp. Jesta spokesperson Loraine Lagace said it plans to provide the financial support that is needed to make Essentus stronger and more competitive.
Added Leslie Belcher, president of the newly formed Jesta IS Inc., which will oversee the Essentus operation, “With Jesta supporting our commitment to supply chain management solutions, we can focus our efforts on promoting the Essentus and Fashionchain brands and providing the highest level of customer satisfaction. I am delighted that all former employees of Essentus have accepted positions with Jesta IS, and our customers can look forward to seamless integration of the organizations.”
—Robert McAllister
