RG Barry Becomes a Private Company

In Industry News, What's New by Accessories Staff

Dearfoams, one of RG Barry's biggest brands

Dearfoams, one of RG Barry’s biggest brands

Pickerington, OH—The acquisition of footwear and accessories maker RG Barry Corporation for $215 million by private equity firm Mill Road Capital has closed.

The deal, which was announced in May, will mean RG Barry is now a wholly-owned subsidiary of a newly-formed corporation controlled by Mill Road. Mill Road Capital owns 50% of RG Barry, and Blackstone 48%, while a consortium of institutional investors holds the remaining 2%.

“We believe that under a new, private ownership structure, RG Barry can be more flexible and will be better able to implement and execute its long-term strategic plan, including its ongoing acquisition efforts, in order to build value for the future,” said Naveen Bhatia, a principal at Blackstone Tactical Opportunities.

Shareholders approved the deal Wednesday

Mill Road, based in Greenwich, Connecticut, had built up a 9.8% stake, or 1.09 million shares in the company, since 2008 and tried to acquire RG Barry in 2009.

CEO Greg Tunney continues to run the business.