2004: Business - Fairway & Greene acquired by Canadian firm
Wednesday, October 12, 2011
Fairway & Greene has been sold in a private transaction to Northbridge Equity Partners of Montreal, officials of the apparel company announced May 26.
Terms were not disclosed, but Northbridge executives said they will retain Fairway & Greene’s management and design team as well as its sales force.
“The agreement between Fairway & Greene and Northbridge ensures our exceptionally high standard will be maintained,” says Fairway & Greene president Rick Martin, who started the Shelton, Conn.-based business a decade ago. “We will continue to design our lines, and we will continue to oversee the material selection and manufacturing processes.”
Martin remains on the board of directors and assumes the title of founder. His son, Todd, and daughter, Teri Schleifer, will stay on as vice president of sales and marketing and vice president of women’s merchandising and product development, respectively.
Fairway & Greene is sold in more than 3,000 green-grass shops nationwide and has built a strong reputation the past 10 years for its quality materials, design and attentive service. Industry observers estimate the company’s annual revenues at more than $25 million. The primary motivation for the sale, which has been in the works for roughly a year, is expansion.
“The idea is to continue growing the business without sacrificing it and the things it has long stood for,” Todd Martin said. “There is room for us to grow even more in green-grass, and to expand our presence in the women’s market as well as overseas and in corporate (sales). Northbridge is made up of a very savvy group of people who are in it for the long haul and possess a great deal of insight and experience.”
Northbridge Equity Partners focuses its business on high-end, high-growth firms.
“We recognized that Fairway & Greene readily met our criteria,” says partner Gill Broome. “We are very excited about the acquisition. The brand, product line, management team and company that Rick has put together are the envy of the golf industry."