Breakwater Management Completes Follow-On Growth Investment into Planet Blue

Growth capital fund backs leading California-based lifestyle retailer and fashion brand to support rapid expansion of retail, wholesale, and e-commerce platforms.

LOS ANGELES, OCTOBER 2014 – Breakwater Management, LP (“Breakwater”) is pleased to announce the recent closing of a follow-on growth capital investment into LSC Apparel, LLC and Ling-Su Chinn, LLC, doing business as Planet Blue (“Planet Blue”), out of its Breakwater Structured Growth Opportunities Fund. Based in Los Angeles, Breakwater is a private investment firm that specializes in direct investments in leading lower middle market businesses that demonstrate attractive opportunities for growth.

In addition to this follow-on investment, Deborah Benton, who recently joined the Breakwater investment team, will be serving as a Breakwater-appointed strategic advisor to the board of directors at Planet Blue, to support accelerated growth in the business. Benton is the former President and COO of women’s global fashion retailer Nasty Gal. At Nasty Gal, Benton led the rapid expansion of top-line revenue through a single online channel, while effectively building out the team and infrastructure to support such explosive growth. During her tenure, Nasty Gal was named one of the fastest growing retailers in the country.

“I am delighted to be collaborating with Ms. Benton, who brings many years of operational management experience at the highest level to Planet Blue,” said founder Ling-Su Chinn. “The additional investment from Breakwater will provide the growth capital needed to expand Planet Blue’s wholesale and e-commerce platforms, and also to open additional company-owned retail locations in select markets in the United States this year and early next year.”

“We are delighted to be supporting Planet Blue at this inflection point in its growth,” said Saif Mansour, Founding Partner at Breakwater. “Planet Blue has built a strong and loyal customer base and its e-commerce platform, fueled by a growing, loyal social media following, is poised for expansion. With the addition of Ms. Benton as a strategic advisor, Planet Blue is ready to build out its management team for all channels of the business and take Planet Blue into its next phase of strong, sustained growth.”

ABOUT PLANET BLUE

Founded in 1995 by Ling-Su Chinn, portfolio company Planet Blue designs and distributes contemporary casual fashion apparel, jewelry, and accessories under its in-house brand Blue Life, alongside complimentary third-party brands. Blue Life apparel is currently being sold in over 200 boutiques, as well as major upscale department stores, including Neiman Marcus, Saks Fifth Avenue, and online retailers such as Shopbop and Piperlime.

ABOUT BREAKWATER MANAGEMENT, LP

Breakwater Management is a private investment firm that specializes in direct investments in leading lower middle market growth companies, especially businesses with expanding global operations. The firm aligns itself with committed management teams, owners, and sponsors to help propel lower middle market businesses into their growth curve. Breakwater has an established, world-class alternative asset management platform, with multiple partnerships and investment vehicles that service the lower middle market’s myriad capital needs.

To learn more about Breakwater, visit http://www.breakwatermgmt.com or call (424) 777-4000.

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Dear friends,

It is with profound sadness that we relay news of the recent death of our partner Saif Mansour. Saif passed away suddenly on October 27th due to an undiagnosed heart condition.

Saif founded Breakwater in 2009 as a young entrepreneur, with the vision of creating an investment firm that reflected his commitment to excellence, integrity, and long-term partnership. He was an incredibly intelligent, energetic, kind, and charismatic person, and a great connector of people who brought joy to everyone who knew him. He was a talented investor, a wonderful friend, and a natural leader.

Saif’s passion for Breakwater was surpassed only by his enormous love for his wife and their two young children. We grieve with them and extend our deepest sympathies to all of his family and friends.

We are heartbroken by this terrible loss but will honor Saif’s memory by continuing to build a firm that reflects his entrepreneurial spirit and core values. May his memory be a blessing to us all.

Sincerely,
The Breakwater Family

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