CHARLESTON, JANUARY 10, 2018 – Palmetto Moon, LLC (“Palmetto Moon” or the “Company”), a portfolio company of Topspin Partners, announced today that it has appointed Adam Stone to the position of Chief Executive Officer. Eric Holzer, who currently serves as CEO, has decided to step away from the position to spend more time with his family.
Mr. Stone has over 24 years of diverse experience in the retail industry and has extensive experience in both public and private equity environments. He previously served as CEO of children’s apparel specialty retailer Hanna Andersson since 2010. Under Mr. Stone’s leadership, Hanna Andersson grew from a $60 million business with 15 stores to a $200 million business with 75 stores. Adam successfully exited the Company through a sale to L Catterton in 2016. Prior to Hanna Andersson, Mr. Stone held various positions at Limited Brands, including Chief Financial Officer of Victoria’s Secret Stores and Vice President of Finance at Express. Mr. Stone stated, “I am thrilled to join Palmetto Moon. The brand has tremendous growth opportunity. The unique product line and customer-centric approach develop a strong emotional connection at the local level. Eric and his team have done a remarkable job developing and growing the brand while staying true to the heritage established by the founders.”
Mr. Holzer, who has served as CEO of the Company since 2016, led Palmetto Moon through numerous stages of strategic transformation. Mr. Holzer said, “It has been a very difficult decision to step away from Palmetto Moon as I have cherished the time that I have spent in this dynamic company and am so proud of the team’s extraordinary effort in building such a strong foundation for the future. While it is bittersweet to move on, I am confident that the timing is right for me to pursue the next phase in my life and that Adam will successfully guide the Company in to the future.”
Stephen Lebowitz, a Managing Partner at Topspin Partners, said, “We are highly enthusiastic to have Adam joining Palmetto Moon. His track record of success at Hanna Andersson is outstanding, and we are confident he will lead Palmetto Moon on a continued path of robust growth. We have enjoyed working with Eric and wish him the best in his future endeavors.”
About Palmetto Moon
Palmetto Moon is a specialty retailer, headquartered in Charleston, South Carolina and operating in the southeastern United States. Palmetto Moon is focused on merchandising affordable, outdoor active lifestyle, college lifestyle and state pride brands that appeal to and promote the values of collegiate, coastal and southern living. The Company is rapidly expanding its base of 15 stores in South Carolina, Georgia, North Carolina and Florida and through its e-commerce platform. For additional information on Palmetto Moon, please visit www.palmettomoononline.com.
About Topspin Partners
Topspin Partners is a suburban NY-based private equity fund that makes investments in profitable and established lower middle-market businesses. The firm invests across a number of industries, including niche consumer, health and wellness, retail, food and beverage, business services, security and media and information services. The Topspin team has considerable operational expertise and collaborates with management teams to build businesses. Further information on Topspin can be found at www.topspinpartners.com.