Freeman Spogli & Co. Announces Equity Investment In Sur La Table, Premier West Coast Specialty Retailer

Seattle, February 24, 2000 - Freeman Spogli & Co., an investment firm with offices in Los Angeles and New York, announced today that it has invested approximately $15 million for an equity stake in Sur La Table, a premier West Coast specialty retailer of high-quality kitchenware and tabletop accessories. Sur La Table, established in 1972 and headquartered in Seattle, is a privately-held retailer and direct marketer of a broad range of cooking and kitchen-related items, including an extensive line of cookware, cookbooks, linens, bakeware, cutlery, small kitchen appliances and tabletop accessories. Sur La Table operates 13 stores located in California, Washington, Texas and Colorado and also markets its merchandise through an international mail-order catalog and its website, http://www.surlatable.com. In addition, Sur La Table also offers gourmet cooking classes at many of its store locations. “We are pleased to have received financial backing from Freeman Spogli and believe their strategy of working with management to help build brands and rollout stores will be a great benefit for Sur La Table. Based on their impressive track record of numerous high-profile investments in retailing and direct marketing companies, this partnership is a perfect fit,” said Sur La Table President Renee Behnke.

“We consider this a highly attractive investment because Sur La Table has established itself as an innovative lifestyle retailer offering high quality and hard-to-find products for the home through multiple distribution channels,” said founding partner Ron Spogli. “Through our partnership, Freeman Spogli intends to work with Sur La Table management to build upon their already successful business model and growth strategies.” Freeman Spogli is the lead investor in the current round of growth equity financing which totals approximately $19 million. Other investors include the Behnke Family, Fluke Capital Management, Pacific Northwest Partners and Northwest Venture Partners, all of which are existing shareholders of Sur La Table.

Freeman Spogli & Co. is a private investment firm that invests jointly with management in companies positioned for growth. The company, founded in 1983, has invested in over 30 portfolio companies with an aggregate value in excess of $10 billion. Recent noteworthy investments include: Galyan’s Trading Company, a leading sporting goods retailer; MVP.com, a joint venture between Galyan’s Trading Company, Benchmark Capital, Michael Jordan, John Elway and Wayne Gretzky to sell sports, fitness and outdoor gear and apparel online; Greenlight.com, a joint venture between Asbury Automotive and Kleiner Perkins Caufield & Byers to market and sell cars over the Internet; PartsAmerica.com, a joint venture between Advance Auto Parts, CSK Auto and Sequoia Capital to distribute auto parts and accessories over the Internet.

Return to Recent News Index.