Bear Growth Capital Partners already had Everything But Water, and now it’s getting Water Water Everywhere.
The investment firm said Thursday it plans to acquire Water Water Everywhere, a 20-store specialty retailer with units in 11 states offering designer swimwear and accessories. When the deal is complete, Bear Growth Capital will combine Water Water Everywhere, based in Baltimore, with Everything But Water LLC, based Orlando, Fla.
“All stores will operate under the name of Everything But Water,” said Ann Tucker, president of Everything But Water. “Initially, both companies will continue their own operations, but once the integration process is complete, they will function as one entity.”
Everything But Water, with 34 stores, is the country’s largest independent specialty chain for women’s contemporary swimwear. The acquisition of Water Water Everywhere is part of Bear Growth Capital’s strategy to establish a broader geographic base for Everything But Water.
For this year and next, the two chains plan eight store openings in Florida, Connecticut, Illinois, New Jersey and Wisconsin. Growth likely will continue as the integration becomes more complete, according to Tucker.
Details of the transaction were not disclosed. Bear Growth Capital is an affiliate of Bear Stearns Merchant Banking, the private equity arm of Bear Stearns Cos., New York. It focuses on making investments in companies valued at between $25 million and $150 million.