Berkshire Partners has inked a co-investment partnership with Front Row Partners, a new firm led by Glen Senk, the former chief executive officer of jewellery retailer David Yurman, according to a statement.
Berkshire will make an initial investment of $350 million to partner with Front Row for investments in high-growth retail and consumer businesses.
“The consumer marketplace is rapidly evolving, with tremendous opportunities for innovative entrepreneurs with exciting new concepts and go-to-market-strategies,” Senk said in the statement. “Our goal through this partnership is to invest in consumer and retailing businesses and help them accelerate their strategies to become industry leaders.”
Front Row plans to build a portfolio of a few small-sized businesses, with revenues between $25 million and $50 million; a few medium-sized businesses, with revenues up to $200 million; and one large business. The businesses will vary in maturity from a few years old or more than a decade old, according to a spokesperson for Front Row.
Prior to David Yurman, Senk was the CEO of Urban Outfitters, and has worked as a senior executive at retailers Anthropologie, Williams-Sonoma and Bloomingdale’s. He has been a board member of multiple Berkshire portfolio companies and has a “track record of building and profitably growing innovative consumer companies across channels, including wholesale, stores and e-commerce” Berkshire managing director Ross Jones said in the statement.
Boston-based Berkshire makes mid-market private equity and marketable securities investments. The firm has raised eight private equity funds, totaling $11 billion in commitments.
Investments in the retail and consumer sectors include women’s fashion apparel retailer Aritzia, skin care products company Bare Escentuals and branded baby and young children’s apparel marketer Carter’s.