Snow Phipps Takes Stake in Velvet

Culver City, Calif.-based clothing company Velvet has inked an undisclosed amount of financing from New York-based private equity firm Snow Phipps Group. Terms of the deal were not released, though Snow Phipps will take a “significant interest” in the company, according to a written statement. The Sage Group advised Velvet on the deal. Snow Phipps was advised by William Susman in conjunction with Financo, Inc.

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