Fifteen years ago Robert and Karen Webster started a kiosk selling apparel, accessories and gifts in Charleston. Since then, Palmetto Moon has grown into an 11-store chain--one that is successful enough to have garnered the attention of New York-based private equity fund Topspin Partners who, earlier this month acquired a majority interest in the retailer which has a location in the Midlands at The Village at Sandhill.
The Websters will take a step back from the company but will continue to be involved.
"In choosing a financial partner, it was very important for us to maintain the collaborative culture that we have developed over the last 15 years, and Topspin will be able to bring an extensive network of industry executives and expertise in growing companies like ours," Robert Webster said. "This new partnership will allow Palmetto Moon to grow quickly and profitably in a number of new markets."
Palmetto Moon’s management team will continue to be led by CEO Eric Holzer, who took over the role in 2016 and has been with the company for 12 years.
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"We are very impressed with the business the Websters have built and the growth that the company has achieved to date, and we see great potential for continued expansion within the southeast and beyond," said Steve Lebowitz, managing partner at Topspin. "We are excited to partner with Eric and the company’s management team to capitalize on that potential and accelerate the company’s growth."
Irving, Texas-based Motivity Capital Partners, a private equity firm with retail and operations experience, invested alongside Topspin.