Evereve Sells Minority Stake To Investors
Three investment companies have acquired a minority stake in women’s fashion retailer Evereve.
The Edina-based company, formerly known as Hot Mama, received investment from Winona Capital and Prairie Management Group, both of Chicago, as well as the Lewis Family, owners of a London-based chain of apparel stores.
Terms of the deal were not disclosed, though described as “sizeable.”
Before today, Evereve’s only investors were friends and family who helped kick off the business. The deal will provide liquidity to those people, as well as allow the company to partner will experienced business leaders to continue growing.
“This strategic investment … will enable us to further establish ourselves as the fashion authority for moms,” CEO and co-founder Megan Tamte said in a statement.
Several private equity firms have approached Evereve throughout the years, according to co-founder and executive chairman Mike Tamte. But this deal, spearheaded by Winona, was seen as a fair valuation, and Winona was willing to make a minority investment.
Evereve was founded in 2004 as a women’s boutique aimed at appealing to mothers’ ever-changing lifestyles. Since then, the company has opened more than 50 stores across the United States.
The company will continue to operate its headquarters out of Edina. Its 800 employees and current slate of stores and expansion plans will be unaffected.
Evereve has a rapidly growing online presence, which Mike Tamte says doubles in sales every year. This summer, the company is launching Trendsend, a service that will send two to three personally styled outfits to customers based on their profile.