Topspin Partners has acquired a majority interest in Palmetto Moon, a Charleston, SC-based specialty retailer in the lifestyle merchandising segment in the southeastern U.S., from its owners and founders Bob and Karen Webster.
The amount of the deal was not disclosed.
Mr. and Mrs. Webster will be stepping back from their day-to-day roles within the company, but will continue to serve the company and provide strategic guidance in a consulting capacity.
Palmetto Moon’s management team will be led by CEO Eric Holzer, who took over the role in 2016 from Mr. Webster and has over 14 years of experience with Palmetto Moon, serving in nearly every area of the organization.
Motivity Capital Partners, a private equity firm with extensive experience in retail and operations invested alongside Topspin Partners.