Sentinel sells portfolio company Strategic Partners in management buyout


Sale is Latest Example of Firm's Success in Healthcare Sector


NEW YORK, August 23, 2010 - Sentinel Capital Partners, a private equity firm that invests in promising, lower middle market companies, today announced the sale of Strategic Partners, Inc., a leading supplier of medical uniforms for the specialty retail and mass merchant channels, to BAML Capital Partners, the private equity investment affiliate of Bank of America. The terms of the transaction were not disclosed.

Headquartered in Chatsworth, California, Strategic Partners sells its products to independent and chain retailers of uniforms, mass merchants, and through catalogs and the Internet. Strategic Partners' brands include Baby Phat, Cherokee, Cherokee Workwear, Cherokee Studio, Dickies, and Tooniforms. With over 50 license agreements, Strategic Partners is also one of the industry's largest licensors.

"Working with Strategic Partners' superb senior management team has been extraordinarily rewarding," said David Lobel, managing partner at Sentinel. "Strategic Partners is very well positioned to continue to deliver its superior medical products and services to a growing marketplace. We are extremely proud to be affiliated with a business that provides highly needed products and services to healthcare workers, and also has done well for its stakeholders."

"We wish Strategic Partners and its team great success in their next phase of growth," said John McCormack, senior partner at Sentinel. "We have enjoyed the partnership with its founders. This company is truly a special enterprise."

In addition to Strategic Partners, Sentinel's history of successful investments in the healthcare sector includes Castle Dental Centers, Inc., a leading dental services provider sold to Bright Now! Dental, Inc. in 2004, and Metro Dentalcare, a regional multi-specialty dental group sold to American Dental Partners, Inc. (NASDAQ:ADPI) in 2007, and ReachOut Healthcare America sold in 2010. Sentinel has also invested in other healthcare-related businesses including Interim Healthcare, the nation's largest provider of home nursing services, and Massage Envy, the nation's largest provider of therapeutic massage services.