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MeadowBrook Lane Capital Announces the Sale of the Assets of Motherwear, Inc to Pangea Holdings
MeadowBrook Lane Capital Announces the Sale of the Assets of Motherwear, Inc to Pangea Holdings
Published 02-25-04
Submitted by Meadowbrook Lane Capital
Pangea Holdings, a manufacturing and direct fulfillment company with experience in the catalog industry will bring their off shore manufacturing, management and capital to Motherwear. Motherwear Inc, a twenty-one year old, socially responsible, catalog and Internet Company offering nursing wear and breast feeding supplies, was “under financial siege”. The new company, Motherwear International, has agreed to keep the company headquarters in Florence, Massachusetts and no further layoffs are contemplated. Meadowbrook Lane was retained by Motherwear to preserve the integrity of the brand, the interest of the founders, the social initiatives and ultimately to avoid liquidation. Previous owners, Jody Wright, President and Prakash Laufer, CEO, have ongoing interest in the company with the retention of their leadership roles.
According to Jody Wright, “I appreciate all that you and Meadowbrook Lane did to midwife this deal. It was a long haul for all of us, taking much longer than anyone had hoped. Your stick-to-it-tiveness, your patience, your centered approach to dealing with relationships was an important element in the whole thing. I am pleased that your efforts to group together buyers worked. It was an approach I wouldn't have known to take.”
During the worldwide search for capital and management, MeadowBrook Lane Capital introduced Christian Feuer, a direct marketing consultant, to Pangea Holdings where he is now a partner. Christian was previously a CEO of UBid.com an internet auction site, and prior to that he was the senior vice president of marketing and advertising production at Speigel Catalog Company where he lead the company out of Chapter 11 bankruptcy.
“We expect Christian’s expertise will lead us in some great new direction in our outreach to moms” Jody Wright commented.
“The Motherwear transaction is indicative of much wider phenomena in today’s business climate: the balanced pursuit of principals and profit. The notion that a company’s value should be greater when it’s financial performance is combined with its social impact is sometimes referred to in the financial community as ‘goodwill’ and/or ‘brand equity’. A company can succeed as a business and fail as a force for social change, but it cannot fail as a business and succeed as a force for social change. This is the key challenge facing companies loosely defined as ‘socially responsible’ – operate profitably with a social initiative.” Joe Sibilia, CEO of MeadowBrook Lane Capital.
“We are pleased we were able to salvage the company, the jobs, the brand, and the interests of Jody and Prakash.” Heather McGowan, MeadowBrook Lane Capital.
Previous owners, Jody Wright, President and Prakash Laufer, CEO, have ongoing interest in the company with the retention of their leadership roles.
“Motherwear will become much more international in its approach to both sourcing and marketing. The new owners feel strongly that the company has a lot of potential and they would like to see it expand and thrive again.” Jody Wright, CEO.
MeadowBrook Lane Capital www.meadowbrooklane.com
Motherwear International www.motherwear.com
