(New York, NY) – Cortec Group (“Cortec”), a New York-based private equity firm which focuses on investing in and growing founder/entrepreneur-owned and led middle-market products and services companies in direct-to-consumer (“DTC”), business-to-business, distribution, and healthcare markets, announced that on November 16, 2021, an affiliated investment group led by Cortec Group Fund VII, L.P. (“Cortec Fund VII”), in partnership with Tori and Chris Gerbig (the “Founders”), completed the growth recapitalization of Pink Lily Holdings, LLC (“Pink Lily” or the “Company”). Terms of the transaction were not disclosed.

Headquartered in Bowling Green, KY, Pink Lily is a high-growth, digitally native retailer of women’s apparel, footwear and accessories, generating nearly 100% of revenue through its own website. Since its founding in 2014 by Tori and Chris Gerbig, the Company has built a broadly appealing and comprehensive product offering that is supported by an engaging, diverse, and inclusive digital marketing strategy and a strong following across numerous social media platforms. Under the guidance of its Founders, Pink Lily has achieved rapid growth over the last several years through successful customer acquisition and new product introduction efforts.

Dave Schnadig, Co-President of Cortec, stated: “Pink Lily is a great fit for Cortec based on our significant experience investing in founder-led DTC consumer products companies. The Company’s multi-channel marketing strategy and remarkable customer engagement impressed us from the start, evidencing Pink Lily’s differentiation in the women’s apparel market.” Rob Whipple, a Partner at Cortec, added: “The Company has a number of exciting growth prospects and we look forward to working with the Pink Lily team as it continues to optimize its marketing strategy, introduce new product categories, and invest in personnel and systems infrastructure to support its long-term growth.” Allie Klazkin, a Cortec Managing Director, further articulated: “Our extensive analysis revealed that Pink Lily has very loyal and valuable repeat customers who provide a strong foundation for the Company’s continued expansion.”

Tori Gerbig commented: “Chris and I decided it was the right time to find a partner with the operational and financial resources to help us realize our long-term vision for the Company. From our first meeting, the Cortec team demonstrated its uniquely valuable eCommerce and global supply chain expertise, coupled with many relevant prior successes growing companies like ours.” Chris added: “For these reasons, Tori and I were convinced that Cortec was the best choice for our next phase of growth and, as a result, we remain very significant Company owners and will continue to serve as its leaders.”

The Pink Lily investment represents the fourth entrepreneur-focused high-growth platform in Cortec Fund VII, a $2.1 billion fund which closed in November 2019. Jones Day served as legal advisor to Cortec.  Senior debt to support the investment was provided by Twin Brook Capital Partners and PennantPark Investment Advisers, LLC. Harris Williams & Co. served as financial advisor and Perkins Coie LLP served as legal advisor to Pink Lily.

About Pink Lily

Pink Lily is a direct-to-consumer provider of women’s apparel, footwear and accessories. The Company seeks to empower women by providing an ever-changing assortment of affordable products. Additional information about Pink Lily can be found at www.pinklily.com.

About Cortec

Founded in 1984, Cortec invests in middle-market specialty DTC products and services, distribution, and healthcare products and services companies in partnership with founders, owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. More information about Cortec can be found at www.cortecgroup.com.