SOURCE: Ritz Camera & Image
BELTSVILLE, MD--(Marketwire - Aug 25, 2011) - Los Angeles-based private equity firm Transom Capital Group and Ritz Camera & Image, the leading specialty retailer of camera and imaging products and services in the United States, announce today that Transom has provided capital to Ritz Camera & Image. The announcement follows a comprehensive search led by the company to bring in a new capital partner that will enable the company to re-assert its place as the dominant specialty player in the marketplace.
"The Ritz Camera acquisition presented a unique opportunity to capitalize one of the oldest and strongest brands in the industry," said Ken Firtel, managing director of Transom Capital. "We believe that by partnering with Transom Capital the company will be able to build on its long-standing and stellar reputation as the leading destination to purchase camera and imaging products."
Stephen M. LaMastra, the CEO of Ritz Camera, is excited about what the future holds. "We're thrilled to have Transom Capital as a partner," said Mr. LaMastra. "With the closing of this transaction and the added expertise of the Transom Capital team, we are in a great position to take advantage of all of the opportunities, both short term and long term, in front of the business."
Transom Capital plans to leverage its model of deep operational involvement and support to assist the management team of the company in executing against its strategic growth plan. "Ritz Camera enjoys great brand recognition among photography enthusiasts nationwide, a loyal customer base, and a strong foundation," said Russell Roenick, a Managing Director at Transom Capital. "We look forward to working with the company's strong and experienced management team to build on this foundation and offer the most compelling products and services to its dedicated customer base."
Terms of the transaction were not disclosed. Lead investors for Transom Capital in the deal were Robert Barth, Camelot Venture Group, Radnor Capital Corporation (a Marc Brutten company), and the Schostak Family, each of whom will have a representative on the board of directors of the company. VRA Partners and WeinsweigAdvisors served as advisors to Ritz Camera.
About Transom Capital Group
Transom Capital Group is a Southern California private equity firm focused on buyouts and turnarounds in middle-market companies, especially within the consumer, industrial, retail and media industries. The firm approaches each investment with a high degree of operational involvement and support. For more information, go to www.transomcapital.com.
About Ritz Camera & Image
Ritz Camera & Image is America's premier retail destination for cameras and imaging. With a legacy of nearly 100 years, Ritz Camera & Image is a leader in the exciting and evolving world of image technology. Always a leader in price and quality, Ritz is ranked by Consumer Reports as a top five electronics store, and is the highest ranking destination for camera and imaging products based on service, product quality and buying ease. Ritz Camera & Image is headquartered in Washington, D.C. and operates nearly 300 stores in 34 states from coast to coast. RitzPix.com is the company's online site for all imaging needs, and offers a range of products for pick up in-store in one hour or delivered in one day that is unrivaled anywhere in the world. Ritz has dedicated its legacy to empowering consumers to share, display and save all of life's treasured memories.