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M&A expert and serial acquirer David Miller joined NCA in mid-2022 from Montreal. By May 2023, he had successfully acquired two companies: Chapter One Sportswear, a contemporary women’s fashion brand, and Morsam Fashions Inc., a specialist in women’s loungewear and sleepwear. This strategic double acquisition positioned Chapter One Sportswear as a significant player in the garment industry, with combined sales exceeding CAN$100M.
Over the past 18 months, Miller collaborated closely with Mitchell Goldstein, the founder of Chapter One, who remains a significant shareholder. NCA has now announced the successful sale of Chapter One Sportswear to a private buyer. While the details of the transaction have not been disclosed, the sale marks an important milestone for the company. With this first exit, NCA has achieved a net IRR of over 45%.
Chapter One is a contemporary women’s fashion brand known for its versatile and stylish apparel. With deep roots in the textile industry, the company designs clothing for the North American and European markets. Headquartered in Canada, Chapter One has established a strong reputation for quality and consistent design over its 27-year history. Supported by a team of more than 50 professionals, the company continues to expand its product offerings and market reach.
David Miller, commented, “It has been a pleasure working with the NCA team and I thank them for all their support in the growth of our business. Both the buyer and I look forward to the next chapter of our journey.“
Christian Malek, CEO of NCA, added: “At NCA, our mission is to help preserve and grow business legacies, and the Chapter One team has achieved just that. We are proud to have been part of this transaction and look forward to seeing a bright future for the company. This exit represents a significant milestone for NCA in North America.”
Lending: Toronto-Dominion Bank / Fonds de Solidarité / Legal: DLA Piper / Financial: PSB Boisjoli
