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Cypress Swimsuit Maker Acquired

Cypress-based swimsuit maker Manhattan Beachwear LLC has sold a majority stake to a private equity firm.

Manhattan Beachwear, which has yearly sales of $65 million, sold an 80% stake in the company to Cleveland-based Linsalata Capital Partners Inc.

Linsalata is estimated to have paid $20 million to $50 million for the stake.

Founder and Chief Executive Allan Colvin and other Manhattan Beachwear executives also made investments in the company and are set to stay in place, according to Linsalata.

Manhattan Beachwear makes women’s swimsuits under license from brands such as Kenneth Cole, Hermanny by Vix, Sofia by Vix, Hobie and Split.

It also makes its own brands, 24th & Ocean and Maxine, and makes swimsuits for retailers.

Linsalata hopes to build up Manhattan Beachwear with other acquisitions, according to reports.

The deal was a long time coming, according to Dow Jones & Co.’s LBO Wire, an industry publication that tracks buyouts.

In late 2008, Linsalata struck a deal to acquire Manhattan Beachwear that was scuttled by the financial meltdown.

Cleveland-based KeyCorp’s KeyBank and TriState Capital Bank of Pittsburgh provided primary debt financing for the deal.

Boston’s Babson Capital Management LLC and National City Equity Partners of Cleveland provided secondary debt.

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