Johnny Was

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Situation:

Founded in 1987, by Eli Levite, Johnny Was (“JW”) is a fast-growing, high-end women’s apparel company.  JW is embraced by free-spirited and confident women who are drawn to the company’s unique signature aesthetic: a juxtaposition between vintage and modern, reserved and unrestrained, traditional and innovative.  Johnny Was consists of a collection of brands including Johnny Was Collection, JWLA, 3J Workshop, Biya, Pete & Greta, and 4 Love and Liberty.

Having experienced rapid growth in recent years, the Levite family (majority shareholders) were evaluating various strategic alternatives to take the company to the next level while simultaneously realizing a liquidity event.  The shareholders strongly believed a partner with deep knowledge of running large consumer branded companies would be in the best position to help them capitalize on the company’s various growth opportunities.

Solution:

We were engaged to prepare JW for a transaction that maximizes value with a partner that recognizes the potential of the JW brands.  JW ultimately entered exclusive negotiations with Endeavour Capital (“Endeavour”), a private equity firm that invests in Western U.S.-based middle market companies.  Endeavour saw a collection of brands with strong customer loyalty and tremendous potential to accelerate the company’s direct-to-consumer business strategy.

We negotiated a transaction that addressed the objectives of multiple shareholders, including retention of a material ownership stake in the business.

Dylan Bell joined the Hexagon Capital Alliance team as an Analyst in 2019.

Mr. Bell earned bachelor’s degrees in Accounting and Business Administration from the Argyros School of Business and Economics at Chapman University.

Brandon Clewett is a Managing Director with Hexagon Capital Alliance. He has 17+ years of capital markets experience and has been involved in 100+ merger & acquisition transactions, recapitalizations, and debt and equity capital raises for middle-market clients.

Mr. Clewett’s sector experience includes E-commerce, Consumer Branded Products, Infrastructure and Specialty Manufacturing.  Prior to Hexagon Capital Alliance, he was a Managing Director with Moss Adams Capital, and a Director with KPMG in their corporate finance group.  Before joining KPMG, he was a Vice President at McGladrey LLP in their investment banking division.

Mr. Clewett earned a bachelor’s degree in finance from the Haas School of Business at the University of California, Berkeley and lives in Orange County, CA with his wife and three sons.

Andrew Suen is a Managing Director with Hexagon Capital Alliance. He has 13+ years of experience advising and executing middle-market mergers and acquisitions transactions, including more than 75 sell-side, buy-side and strategic advisory assignments.

Mr. Suen serves as head of the firm’s Diversified Industrials practice. His sector experience includes Converted Packaging Materials; Industrial Technology; Supply Chain Management & Distribution; Automotive Aftermarket; and Business & Professional Services. Prior to Hexagon Capital Alliance, Mr. Suen served in similar capacities advising middle-market companies and business owners with Moss Adams Capital LLC; Mesirow Financial, Inc.; and Brown Gibbons Lang & Co.

Mr. Suen earned a bachelor’s degree in finance and international business from Indiana University Bloomington and lives in Orange County, CA with his wife, daughter, and two sons.

Bradley Erhart is a Vice President with Hexagon Capital Alliance. He has 10+ years of capital markets experience and has been involved in numerous merger & acquisition transactions, recapitalizations, and debt and equity capital raises for middle-market clients.

Mr. Erhart’s sector experience includes Specialty Manufacturing; Supply Chain Management & Distribution; Direct-to-Consumer; and Consumer Products. Prior to this position, he was a Vice President with Moss Adams Capital LLC. He served in similar capacities advising middle-market companies and business owners with Strategic Equity Group, a boutique investment banking and valuation advisory firm. Mr. Erhart began his career as an Analyst at Murray Devine, a valuation advisory firm in Philadelphia.

Mr. Erhart earned bachelor’s degree in Economics from the University of Pittsburgh. He currently resides in Orange County, CA with his wife and dog.