WESTERN RETAILER SHEPLERS WAS SOLD TO GRYPHON INVESTORS

If you believe that the only thing static is change, then you won’t be surprised that the greatest Western retailer on the planet is changing hands. The new owner, Gryphon Investors, is a San Francisco-based private equity firm.

Sheplers, founded in 1899 in Wichita, Kansas, pays homage to its heritage by keeping the greatness of its history in tact – on the selling floor. There are no trendy store designs (think Bloomingdales and Saks) and flashy mirrors (in Denver at least). If you like what’s down-to-earth and authentic then you will love Shelplers.

My only hope is that the new owners will continue this great tradition of down-home-shopping for down-to-earth folks. If you remember the family- owned retail stores of the 50’s and 60’s (my father was one) you will remember their intimacy and simplicity. Sheplers is no different. It’s a retailer that seems to be a stop-gap in time – which is a good thing.

Sheplers has 19 stores in the Midwest, Southwest and West Coast with  men’s, women’s and children’s Western boots, jeans, apparel, gifts and accessories. Their Hat Department is legendary, and I know many of you sell them merchandise.

Sheplers has four seasonal catalogs with national circulation and a website (www.Sheplers.com) for customers in 180 countries.

Sheplers retiring CEO Mike Anop had this to say: “We are pleased to be partnering with Gryphon as they bring significant capital resources and strategic vision to assist us as we enter a new growth phase in the life cycle of our company.”

Fran Jabara, Chairman of Jabara Ventures Group, Inc., an exiting shareholder said, “Our exit brings to a close what has been a wonderful 20-year journey with a great company and excellent management team, far longer in terms of duration than our typical 3-7 year portfolio company holding period.  We are very proud of our long, successful relationship with Sheplers.”

Kurt Kaull, Gryphon Partner said, “Sheplers is extremely well-positioned in its industry and has a truly differentiated knowledge of the Western lifestyle and experience. Based on our experience in investing in consumer product and specialty retail companies, we believe Sheplers is a uniquely successful business in its category, and are excited with the opportunity to work with the Company’s management team to grow the business organically, through new store openings and store acquisitions.”

Gryphon acquired Sheplers from Jabara Ventures Group and Sheplers management.  Wachovia Securities served as financial advisor to Sheplers shareholders, and Kirkland & Ellis acted as legal advisor to Gryphon Investors. 

About Gryphon Investors
Based in San Francisco, California, Gryphon Investors focuses on leveraged acquisitions of and growth investments in middle market companies in partnership with experienced management.  With over $900 million of equity capital under management, Gryphon typically seeks to invest $25 to $75 million of its own capital in companies with sales ranging from $25 to $250 million.  Gryphon prioritizes investment opportunities where it can form proactive partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, professional resources and significant financial and operational experience.  Visit www.gryphoninvestors.com for more information.

For information contact: John Wilcox, Sheplers, Inc.
6501 W. Kellogg - Wichita, KS  67209
Telephone:  (316) 946-3838 - Jwilcox@Sheplers.com

Mark Syrstad -  incoming President & CEO Sheplers
 “Sheplers is a great company with a tremendous legacy and brand.  I am excited to join the Company and its management team, and look forward to partnering with Gryphon, who brings significant capital resources, know-how and vision that will assist us in achieving the Company’s next phase of growth,” said new CEO Mark Syrstad.