Estimated read time: 2-3 minutes
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (Dow Jones/AP) -- Robert Redford, the actor and filmmaker, has sold the Sundance catalog business to private equity firms ACI Capital and Webster Capital.
The deal, which gives the two middle-market buyout firms majority ownership of the Salt Lake City-based Sundance Catalog Co., is being valued at between $20 million and $40 million, sources familiar with the deal told Dow Jones.
Executives at Webster Capital and ACI Capital couldn't be reached for comment.
Terms of the deal, involving both equity and debt financing, were not disclosed.
Redford will retain a "small" share in the company, according to the sources. His spokesman, Allen Eichhorn, said that Redford "has no plans to sell his stake in the Sundance Channel at this time."
Reports elsewhere have claimed the actor is looking to liquidate his 20 percent investment stake in the Sundance Channel cable network. Redford has since publicly denied wanting to sell his stake.
Eichhorn couldn't immediately provide a reason as to why the actor has sold the catalog company.
Revenue data for the mail order catalog were not available, but sources said the business is profitable.
In addition to founding Sundance Catalog in 1989, Redford started the Sundance Institute, Sundance Film Festival, Sundance Channel and Sundance Village Resort.
The catalog is dedicated to the discovery of new artists and making their work available to a wider public. It sells a wide array of apparel, accessories, furniture, art, jewelry and other products inspired by the American West.
Based in New York, ACI Capital is a subsidiary of A.C. Israel Enterprises, a private investment firm acting on behalf of the Israel family and its partners. The family relies on ACI capital to make direct investments and small business investments in amounts ranging from $5 million to $20 million. The company owns weight-loss firm Jenny Craig with MidOcean Capital Partners.
Founded in 2000, Cambridge, Mass.-based Webster Capital is a private equity firm that partners with management teams of profitable branded companies. The firm usually invests between $2 million and $15 million in a transaction.
(Copyright 2004 by The Associated Press. All Rights Reserved.)
