Martinsville Sock Manufacturer Acquired
MARTINSVILLE - Martinsville-based FBF Originals LLC has been acquired by Taglich Private Equity in New York. The company, a manufacturer, distributor and retailer of licensed and novelty socks, says its 110 production and front office employees will remain with the current executive team and staff at its Morgan County headquarters.
FBF was founded in 1984 by Sharon Rivenbark and was co-owned by four daughters. The company says the decision to sell followed the retirement of Rivenbark and the desire of three of her daughters to exit the company.
Rivenbark's youngest daughter, Kelly Baugh, will remain as FBF's chief executive officer. Baugh says the day-to-day operations of the company are business as usual in Martinsville.
Financial terms of the deal with Taglich Private Equity were not disclosed.
"TPE prides itself on finding sound investment opportunities with strong management teams – businesses with sustainable competitive advantage and something that is unique and special," said Taglich Private Equity Managing Partner William Morris. “FBF Originals was of immediate interest to us given their sturdy market position and unmatched experience in licensed sports and novelty sock categories. They have a great management team and we look forward to supporting them in growing the business."
FBF makes licensed socks for the National Football League, National Hockey League, NASCAR and a number of Fortune 500 companies. The company's Martinsville headquarters spans 225,000 square feet and, in addition to socks, also produces headbands, wristbands, scarves and other items.