Ames Watson Brands Company Profile

Background

Ames Watson Brands (AWB) is a private holding company specializing in the acquisition, transformation, and partnership with companies to create long-term value. Founded in 2018 by Lawrence Berger and Tom Ripley, AWB focuses on investing in both emerging and established brands, providing not only capital but also operational expertise to drive growth and innovation. The company's mission is to act as a "brand accelerator," surrounding its partners with industry experts in operations, merchandising, marketing, and back-office support. AWB leverages operational excellence, access to capital, strategic partnerships, and a data-driven approach to drive product innovation and accelerate growth.

Key Strategic Focus

AWB seeks to invest in brands looking to accelerate growth, those seeking operational and strategic support beyond capital, established category leaders aiming to expand revenue channels, and companies at inflection points in need of a new partner. The company is open to both minority and majority investments, with the flexibility to close deals ranging from $5 million to $2 billion in revenue. AWB's approach includes partnerships and unique opportunities for founders and owners, emphasizing a collaborative strategy to drive success.

Financials and Funding

In January 2022, Ames Watson raised $250 million through an affiliate, Lids, by issuing a Term B private loan. This capital is intended for add-on acquisitions and investments for Lids, as well as for separate stand-alone control and passive investments. Since its formation, Ames Watson has grown to $1.6 billion in revenue by 2021, with key portfolio companies including Lids, Fanatics Lids College, and South Moon Under.

Pipeline Development

AWB's portfolio includes a diverse range of brands across various sectors. Notable investments and acquisitions include:

Lids: Acquired in 2019, Lids is the largest brick-and-mortar licensed sports business in North America. Under AWB's ownership, Lids has nearly doubled its revenue, expanded its footprint internationally, and partnered with celebrities and athletes.

South Moon Under: An iconic Mid-Atlantic women's retailer acquired by an affiliate of Ames Watson in 2021.

Fanatics Lids College (FLC): Operates merchandise sales in half the college bookstores across the United States.

Champion's Collegiate, Licensed, and Teamwear Businesses: In October 2024, Ames Watson took the helm of these divisions following their acquisition by Authentic Brands Group, aiming to drive growth and innovation in the collegiate sportswear market.

Technological Platform and Innovation

AWB emphasizes a data-driven approach to drive product innovation and accelerate growth. By leveraging operational excellence, access to capital, and strategic partnerships, the company supports its portfolio brands in implementing advanced technologies and methodologies to enhance their market position.

Leadership Team

Thomas H. Ripley: Partner and Co-Founder. Prior to AWB, Tom founded Severn Partners, a private equity firm that acquired companies in various sectors. He has extensive operating experience across more than two dozen companies and began his career as an infantry and special operations officer in the United States Marine Corps. Tom holds a BA from the Virginia Military Institute and an MBA from the University of Chicago.

Lawrence Berger: Partner and Co-Founder. Before founding AWB, Lawrence was Managing Director and Chief Investment Officer of Blackstreet Capital, participating in over 25 acquisitions. He has also worked for The Washington Post Company and the Boston Consulting Group. Lawrence holds a B.S.E. and MBA from The Wharton School.

Stephanie Peng: Operating Partner. Stephanie co-founded St. Frank, an omnichannel home décor brand, and has experience at AllianceBernstein. She holds a BS from Cornell University and an MBA from Stanford University.

Steve Boltuch: Chief Financial Officer. Steve began his career with EisnerAmper, serving clients in various industries, and was most recently the Controller at DoseSpot, a healthcare technology SaaS company. He holds a Master's Degree in Accounting from Pennsylvania State University.

Leadership Changes

In March 2025, Ames Watson appointed Melissa Hahn as Chief Financial Officer. Melissa brings over 12 years of progressive accounting and finance experience, including roles at Grant Thornton, Campbell Soup Company, and Deloitte. She holds a B.S. in Accounting from Penn State University and is an active CPA in Maryland and Pennsylvania.

Competitor Profile

Market Insights and Dynamics

AWB operates in the private equity and brand management sectors, focusing on consumer brands, retail, and apparel. The market is characterized by significant competition, with numerous firms seeking to acquire and revitalize brands to create long-term value.

Competitor Analysis

Key competitors include:

Authentic Brands Group (ABG): A brand development, marketing, and entertainment company that owns a portfolio of global media, entertainment, and lifestyle brands.

Fanatics: A global leader in licensed sports merchandise, offering a wide range of apparel, jerseys, and memorabilia.

L Catterton: A consumer-focused private equity firm investing in middle-market companies across various sectors.

Sycamore Partners: A private equity firm specializing in consumer and retail investments.

Strategic Collaborations and Partnerships

AWB has engaged in several strategic collaborations to strengthen its market position:

Fanatics: In February 2022, Ames Watson joined Fanatics as the largest outside investor in the purchase of Mitchell & Ness, alongside high-profile investors such as Jay-Z, Meek Mill, and Kevin Hart.

Authentic Brands Group: In October 2024, Ames Watson partnered with ABG to manage Champion's collegiate, licensed, and teamwear businesses, aiming to drive growth and innovation in the collegiate sportswear market.

Operational Insights

AWB's strategy involves not only providing capital but also offering operational expertise to its portfolio companies. By surrounding partners with industry experts in operations, merchandising, marketing, and back-office support, AWB aims to drive product innovation and accelerate growth. This approach differentiates AWB from competitors who may focus solely on financial investment without the added operational support.

Strategic Opportunities and Future Directions

AWB plans to continue its growth trajectory by seeking new investment opportunities in both emerging and established brands. The company is particularly interested in brands looking to accelerate growth, those seeking operational and strategic support beyond capital, and established category leaders aiming to expand revenue channels. With the flexibility to close deals ranging from $5 million to $2 billion in revenue, AWB is well-positioned to capitalize on a diverse range of investment opportunities.