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PITTSBURGH, July 7, 2010 -- PNC Equity Partners announced today the recapitalization of Chicago-based Revolution, Inc., a leading designer and marketer of specialty dancewear and footwear sold under the Revolution Dancewear brand. MTN Capital, a private equity firm based in New York, was a co-sponsor of this deal.
"Revolution is a niche market leader that offers an innovative distribution model and a compelling value proposition to parents and dance school instructors. We were attracted to Revolution’s strong management team and the tremendous future growth potential of this company, particularly in the recital costume segment,” said Jack Glover, partner of PNC Equity Partners.
Founded in 1996, Revolution offers a full product line of footwear, bodywear and recital costumes to serve the needs of dancers across several dance style categories including tap, jazz, ballet, and hip hop. A unique distribution strategy of selling Revolution's products through dance schools across the U.S., has resulted in a loyal customer base of dance instructors who serve as a catalyst for the company’s sales growth.
“PNC adds tremendous resources to Revolution’s growth strategy, with their exceptional mid-market management expertise,” said Scott Harris, president of Revolution.
The transaction was led by Glover; Mike Hand, vice president; Michael Rost, vice president; and Andrew Wiechkoske, associate. Glover, Hand and Rost will represent the firm on Revolution’s Board of Directors.
Investments for PNC Equity Partners are made by PNC Equity Partners II, L.P., a private equity firm managed by an affiliate of The PNC Financial Services Group, Inc. Senior debt for the transaction was provided by NXT Capital; Roth Capital Partners advised Revolution.
PNC Equity Partners (www.pncequity.com) invests in companies operating in micro-marketsTM, making private equity investments of $10 million to $30 million in leveraged buyouts, recapitalizations and large minority financings of middle market companies with enterprise values between $25 million and $150 million across a variety of industry sectors.
The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation’s largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. Follow @PNCNews on Twitter for breaking news, updates and announcements from PNC.
CONTACT:
Amy Vargo
412-762-1535
amy.vargo@pnc.com
