Patriarch Partners has acquired the assets of catalog and Internet retailer Spiegel Brands from Granite Creek Partners, after the company's lender, Wells Fargo, decided to pull its loan. Spiegel was once owned by the same company that owned Eddie Bauer before being spun out in a bankruptcy sale in 2004 to Golden Gate Capital and Pangaea Capital Management for $53.4 million. It was then acquired last year by Granite Creek from Golden Gate Capital-backed Catalog Holdings.
Private equity firms have invested in 7 other catalog apparel retailers in the past two and a half years, according to the PitchBook Platform. The biggest investment came from Sun Capital Partners and its $819 million acquisition of Kellwood in February 2008. That deal has followed a path similar to Spiegel's and is now currently held at zero value by Sun Capital.