Beau Ties Ltd of Vermont sold, to stay in Middlebury
Ownership of Beau Ties Ltd of Vermont changed hands last week as the existing ownership group including principal shareholders Bill Kenerson and Deb Venman sold the assets of the Company to a group led by David Kramer and David Mutter.
The company will remain in Middlebury and plans call for added investment in equipment and marketing with the hopes of creating significant job growth in the area.
Founded by the visionary husband and wife team of Bill Kenerson and Deb Venman out of a spare bedroom in 1992, Beau Ties Ltd. has become one of the nation’s largest manufacturers of bow ties and neckwear products. The company is recognized for offering its national customer base distinctive, quality products hand-sewn in Middlebury, Vermont.
The new owners, two families who have been friends since school, bring a similar passion to the organization and are committed to maintaining the distinctive, personalized customer service which is a hallmark of the Company’s success.
David Mutter outlined the company’s goals when announcing the ownership change to the organization, “Bill and Deb created a world-class organization. Their commitment to quality products and premier customer service are a lasting legacy that we will honor daily by vigilantly maintaining our focus on serving our customers. Our job is not to recreate the company, but rather, to carry on the philosophy established and embodied by Bill and Deb.”
According to information provided by the company: David Mutter is from California. David Kramer is from New York. They grew up together, and re-connected and become friends while at the Kellogg School of Business at Northwestern. From there they headed off to pursue careers and start families, but connected again to follow their entrepreneurial bent. They co-founded Berkshire Sonoma Capital, and Beau Ties is their third small business acquisition.
Mutter and Kramer plan to have a presence both in the company and in Middlebury, living here for most of each week and commuting to their respective homes for weekends. Their commitment to the family-owned nature of the company is very hands-on and they will be running the business for the foreseeable future.
Community involvement instrumental in maintaining local presence
The seamless ownership transition would not be possible without the dedicated engagement of a number of local leaders. The Vermont Economic Development Authority (VEDA), the Addison County Economic Development Commission and The National Bank of Middlebury joined forces to complete the transaction with the new ownership group.
At closing Dave Kramer said, “The level of local support for this transaction was unbelievable. In a short period of time, we were able to confer with Sandy Croft, Marie Dussault and Heidi Van Gulden from VEDA, Robin Scheu from the Addison County Economic Development Commission and Grover Usilton from the National Bank of Middlebury. Despite the many moving parts of the deal, we quickly discovered a common set of objectives: Keeping a vibrant local manufacturer in the community and finding a path for long-term economic growth. Thanks to their help, we structured a deal that met everyone’s goals and positions the Company for long-term success.”
The transaction was managed by John Stimets of Country Business, Inc. (CBI), a South Burlington, Vermont advisory firm.
Middlebury, VT --- October 1, 2012