ATLANTA, January 29, 2010 - The Paradies Shops, Inc. is pleased to announce it has entered into an agreement with Freeman Spogli & Co. to receive a significant investment and form a new partnership. The Paradies Shops, a leader in the travel retail industry for over 50 years, currently operates over 500 stores in airports, hotels and aquariums. Freeman Spogli, a private investment firm with an excellent track record over 27 years, exclusively invests with management in leading retail and consumer-related companies positioned for growth.
"We are very excited to be gaining a partner with such a long history of backing successful retail companies and helping them to grow" said Gregg Paradies, Chief Executive Officer. "This new partnership will enable us to continue to provide the highest level of service and products to our customers while maintaining our core values and family culture. This transaction will ensure we can continue our long tradition of providing leading retail solutions to airports, hotels, aquariums and other travel retail venues."
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.
"Freeman Spogli is thrilled to be joining an industry leader with such a successful track record and strong reputation," said Todd Halloran, a Partner at Freeman Spogli. "Paradies' demonstrated history of consistent growth, core values and impeccable customer service fall directly in line with the kind of companies in which we like to invest."
The transaction is expected to close in the second quarter of 2010 and is subject to customary closing conditions and approvals.
For more information:
Jill Nidiffer 404.494.3439 E-mail: firstname.lastname@example.org
About The Paradies Shops
Named Best Airport Retailer for the past 14 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. Additionally, The Paradies Shops operates several hotel properties and the retail program for the Georgia Aquarium, the world's largest aquarium, located in Atlanta. For more information, please visit www.theparadiesshops.com.