Castanea Partners acquire a 50 per cent stake in Proenza Schouler
Private-equity firm Castanea Partners joins exisiting investors who purchased a 50 per cent stake in Proenza Schouler from the Valentino Fashion Group and others in 2011. Details of the deal were not disclosed, yet, Proenza Schouler is said to currently be worth $85 million.
News of the investment coincides with the announcement that existing CEO Shirley Cook – who has held the position since founders Jack McCollough and Lazaro Hernandez started the company in 2002 – is stepping down from the position. She will be replaced by former Saks Fifth Avenue president Ron Frasch, who is currently an operating partner at Castanea Partners.