California Retail Chain Acquired by S.F. Firm
Draper’s & Damon’s Inc., a retail chain geared to the 50-plus woman, has been acquired by Golden Gate Capital, a San Francisco private equity investment firm.
The 78-year-old chain, based in Ir vine, Calif., has annual sales volume estimated at more than $130 million. Terms of the deal were not disclosed. The Sage Group, a Los Angeles investment bank, represented Draper’s & Damon’s.
“This allows us to grow. Golden Gate is going to give us the financial backing we need to expand among our various channels, catalogs, stores and the Internet,” said Brad Farmer, co-president of Draper’s & Damon’s. Farmer shares the top executive position with his brother, Jeff Farmer, and cousin Brent Bostwick.
Draper’s & Damon’s, through its catalog, Web site and 49 stores (22 in California), caters to the early baby boomer who wants to dress smartly. It was founded by Bostwick’s great aunt, Virginia Draper, who opened her first store in Pasadena in 1927.
Golden Gate Capital also announced it has acquired Appleseeds Inc., a retail chain based in Beverly, Mass., that operates catalogs, stores and a Web site. Appleseeds also caters to the boomer generation. —Deborah Belgum
