US private equity group Weston Presidio has sold Toronto-based apparel supplier Trimark Sportswear Group to promotional products-maker Polyconcept North America. Terms of the deal were not disclosed, but a source close to the situation told PEI the sale has generated a 2.7x return multiple for Weston Presidio.
Trimark offers a range of sportswear and outerwear under several private label brands including ONTOUR, Outer Boundary, Landmark, Nexus and Elevate Sport.
The exit is the latest in a series of recent liquidity events for Weston Presidio, which last week completed the previously announced sale of Summit Energy Services to Schneider Electric for approximately $268 million. In 2010, Weston Presidio had 10 liquidity events resulting in over $435 million of capital distributions, according to a statement.
Weston Presidio, which has offices in San Francisco and Boston said it typically makes investments between $10 million and $75 million both in early and later stage companies.
The firm closed its last fund, Weston Presidio V, in April 2005 on $1 billion and has over $3.3 billion under management. Some of the firm’s notable investments include JetBlue Airways and Wild Oats Markets.