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.