Private equity firm CCMP Capital Advisors announced it will acquire a controlling interest in apparel supplier Badger Sportswear (asi/60582). Financial terms of the agreement were not released; however, Badger founders Jerry and Bill Carr will reinvest a significant portion of their equity as part of the transaction. Jerry will remain CEO and chairman of the company’s board of directors.

“We are excited about the future of the great company we have built and the opportunity to partner with CCMP,” Jerry Carr said in a press release. “We believe CCMP’s significant consumer and retail investment and operating expertise and its long-standing history of successfully working with family-owned businesses make them the ideal partner to help take Badger to its next level of growth.”

Established in 1971, Badger has become one of the fastest growing companies within the wholesale athletic team sportswear market. The brand is carried by multiple Top 40 apparel suppliers.

CCMP has invested in nearly 40 different companies across four different sectors: consumer, chemical, industrial and health care. The private equity firm specializes in the middle market with buyouts and growth equity investments from $100 million to $500 million. “We are thrilled to be partnering with the Carr brothers and their talented team to continue to build upon the strong company and brand that they have created,” said Doug Cahill, managing director at CCMP. “Badger’s compelling proposition of outstanding product quality, innovation and service at value price points has led to long-standing customer relationships and a clearly differentiated position in the market. We look forward to working with the Badger team to pursue numerous avenues of future growth and continued innovation.”

The transaction is subject to customary closing conditions and is expected to close in September.