May 28, 2010 The Paradies Shops Announces Strategic Investment from Freeman Spogli
ATLANTA,
May 28, 2010 – The Paradies Shops, Inc. has closed the investment transaction
with Freeman Spogli & Co Announced in January 2010.
The Paradies Shops, a leader in the travel retail industry
for over 50 years, currently operates over 500 stores in airports and
hotels.Freeman Spogli, a private
investment firm with an excellent track record spanning over 27 years,
exclusively invests with management in leading retail and consumer-related
companies positioned for growth.
"We are very pleased that the investment partnership
with Freeman Spogli & Co. has closed" said
Gregg
Paradies, Chief Executive Officer.“The financial and strategic resources that
Freeman Spogli & Co. is bringing to our company will give us the
opportunity to continue our long tradition of providing leading retail
solutions to airports, hotels and other travel retail venues while maintaining
our 50 year history, mission and core values.”
The existing management team, led by CEO
Gregg Paradies, will continue to manage and operate
the business.The Paradies Shops has
been a family business for 50 years and the family will continue to be a
significant shareholder.
"The Paradies Shops is certainly an industry leader and
is known for its successful track record and reputation of excellence,"
said
Todd Halloran, General Partner
of Freeman Spogli. "Paradies’ core values, historically strong financial
performance and first class customer service are all in line with the
attributes we desire for partnership."
Contacts:
Jill
Nidiffer, The Paradies Shops 404.494.3439,jill.nidiffer@theparadiesshops.com
About The Paradies Shops
Named Best Airport Retailer for the past 16 consecutive years by Airport Revenue News, The Paradies Shops was established in 1960. A family-owned business, The Paradies Shops operates over 500 stores in more than 70 markets across the United States and Canada. With extensive experience in operating both local and national brands, to include CNBC News, PGA TOUR Shops, Brooks Brothers, Brighton Collectibles, Harley-Davidson, and The New York Times Bookstores, The Paradies Shops maintains a substantial presence as one of the largest airport retailers. For more information, please visit www.theparadiesshops.com.
