BURLINGTON, Vt. (BRAIN) — A New York City-based investment group, Flour Fund, has purchased the assets of the wool clothing brand Ibex. The fund outbid an offer from a Vermont group that included Liz Robert, the owner of Terry Precision Bicycles.
The purchase price was not released and the new owners did not say if they would keep the company in Vermont, which was a goal of the group Robert had joined.
Ted Manning, the former CEO of the company, told The Burlington Free Press that he has been impressed by the new owners. Manning does not expect to remain involved with the company. “I’ve enjoyed getting to know these guys,” Manning told the local paper. “So far they’ve been diligent and thoughtful.”
Flour Fund also owns Skora, an athletic footwear company. Flour Fund’s managing partner David Hazan is also owner of Quirky.com, an online inventor community.
Flour Fund released a statement that said it would look to license the Ibex brand and invest in Ibex’s consumer direct sales. Ibex had sales of about $21 million last year. It stopped …read more