Clearlake Capital Completes Acquisition of Bluefly, Inc.
Industry Veterans Neel Grover and Greg Giraudi Named Co-Chairman & CEO and President, Respectively
SANTA MONICA, Calif. & NEW YORK, August 9, 2013-- Clearlake Capital Group today announced the final close of its acquisition and recapitalization of Bluefly, Inc., a leading online retailer. Bluefly has appointed eCommerce veteran and Clearlake Operating Advisor Neel Grover, former CEO and President of Buy.com and Director of Rakuten USA, to the posts of Chief Executive Officer and Co-Chairman. He is joined by Clearlake Operating Advisor Greg Giraudi, former COO and General Counsel of Buy.com, as President and Director.
Mr. Grover said, “Bluefly is a pioneer in the fashion e-commerce space and will greatly benefit from a fresh strategy and renewed sponsorship from Clearlake. With four million customers and 35 million unique visitors, the company has a great foundation. We plan to enhance the customer experience at both Bluefly and Bell & Clive as we continue to expand product selection by building a leading marketplace for designer and contemporary apparel and accessories.”
This represents Clearlake’s third platform in the eCommerce space following investments in Buy.com and Swiss Watch International. Clearlake Partner and Co-Founder Behdad Eghbali has been appointed Co-Chairman of the Board. Mr. Eghbali said, “We are excited to back Neel, Greg, and the team at Bluefly. We’ll continue to build the team with additional senior executives and position the company to be a leading online marketplace in the fashion vertical.”
Along with Messrs. Eghbali, Grover, and Giraudi, Keith Bradley, a Clearlake Operating Advisor who was formerly President of Ingram Micro North America, and Arta Tabaee of Clearlake, have joined the Board of Directors.
About Bluefly, Inc.
Founded in 1998, Bluefly, Inc. is a leading online retailer of designer brands, fashion trends and superior value. Bluefly is headquartered in the heart of New York City’s Fashion District. In 2011, Bluefly expanded its portfolio, launching Belle & Clive, a members-only shopping destination that presents highly-curated selections of important brands via limited time sale events. For more information, please visit www.bluefly.com and belleandclive.com.
About Clearlake Capital Group
Clearlake Capital Group, L.P. is a private investment firm focused on special situations and private equity investments such as corporate divestitures, recapitalizations, buyouts, reorganizations, turnarounds and other equity investments. Clearlake seeks to partner with world-class management teams by providing patient, long-term capital and operational expertise to invest in dynamic businesses. Clearlake currently manages approximately $1.4 billion of equity capital, and Clearlake’s founding principals have led over 50 investments totaling more than $2.7 billion of capital in sectors including business services, communication, consumer products/retail, defense/public safety, energy/power, healthcare, industrials, media, and technology. For more information, please visit www.clearlakecapital.com.
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