Corporate partner Brien Wassner led Milbank team in fashion industry investment for Farol
Milbank, Tweed, Hadley & McCloy LLP has advised private equity firm Farol Asset Management and a group of investors in acquiring a minority stake in the women’s designer ready-to-wear apparel company Cushnie et Ochs LLC.
New York-based Corporate partner Brien Wassner led the Milbank team on the deal, which closed on November 18.
Founded in 2011, Farol is a private equity firm that provides direct and co-investment solutions to leading institutional investors worldwide. The firm manages $250 million in capital and, working alongside experienced operators, investors and funds, invests in a broad range of industries including, but not limited to apparel, consumer products and services, manufacturing and software and technology. Farol has been a pioneer in supporting women and minority entrepreneurs and businesses on behalf of its institutional investor clients.
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Cushnie et Ochs, which offered its debut collection in 2008, plans to use proceeds from the investment to expand into other product categories, accelerate growth across distribution channels and further develop the brand in the U.S. and overseas. The company’s line is found at stores such as Saks and Bergdorf Goodman, as well as through online retailers. As part of the investment, Cushnie et Ochs brought aboard a new CEO to run the company along with its two founders.
Milbank lawyers advising Farol, in addition to Mr. Wassner, included Corporate associate James Ebberson, Executive Compensation partner Mike Shah, Tax special counsel Max Goodman and associates James Beebe and Nate Browand.