Ollie's Announces Completion of Investment by Mark Butler and CCMP Capital
September 28, 2012
OLLIE’S ANNOUNCES COMPLETION OF INVESTMENT BY MARK BUTLER AND CCMP CAPITAL
Harrisburg, Pennsylvania and New York, New York September 28, 2012 – Ollie’s Bargain Outlet (“Ollie’s”) today announced the investment by Mark Butler, senior management and affiliates of CCMP Capital Advisors, LLC (“CCMP”) has been completed.
Headquartered in Harrisburg, Pennsylvania, Ollie’s is a high growth specialty retailer of brand name, closeout merchandise. With over 3,000 employees and 127 stores across 13 contiguous states in the eastern United States, Ollie’s offers a broad assortment of merchandise across multiple product categories including books & stationery, housewares, floor coverings, food & candy, domestics, hardware and other general merchandise.
Mark Butler, Ollie’s co-founder, will remain Chairman and Chief Executive Officer and will retain a significant ownership position as the Company’s largest individual investor. The current management team will stay in place and the Company will remain headquartered in Harrisburg, Pennsylvania.
Jefferies & Co., Inc. served as exclusive financial advisor and Ropes & Gray LLP served as legal advisor to Ollie’s and Barley Snyder served as legal advisor to Ollie’s management. KeyBanc acted as financial advisor and Weil, Gotshal & Manges LLP served as legal advisor to CCMP Capital.
Details of the transaction were not disclosed.
About Ollie’s Bargain Outlet
Founded in 1982, Ollie’s Bargain Outlet is one of America’s largest retailers of merchandise obtained through closeouts, bankruptcy sales, salvage and surplus merchandise. Known for its signature catchphrase “Good Stuff Cheap,” Ollie’s offers a wide variety of recognized, brand-name merchandise at up to a 70 percent discount from the retail price. With over 3,000 employees and 127 stores in Delaware, Kentucky, Maryland, Michigan, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia and West Virginia, Ollie’s has a proven track-record of expansion, having added 7 new states and 79 new stores since 2006.
About CCMP Capital
CCMP Capital Advisors, LLC (“CCMP”), specializes in upper-middle market buyouts and growth equity investments of $100 million to $500 million in the U.S. and Europe. CCMP focuses on generating alpha through the operational transformation of its portfolio companies. With offices in New York, Houston and London, CCMP invests in four primary industries: Consumer, Industrial, Energy and Healthcare. Selected investments under management include: ARAMARK Corporation, Chaparral Energy, Edwards Group, Francesca’s Collections, Generac Power Systems, Infogroup, Jetro Holdings, LHP Hospital Group, Medpace, Milacron, Newark Energy and Warner Chilcott.
Andrew Cole/Brooke Gordon
Tel: (212) 687-8080
Ollie’s Bargain Outlet
Tel: (717) 657-2300