A deal that sees private equity firm Clayton, Dubilier & Rice (CD&R) become the majority stakeholder in S&S Activewear (asi/84358), the third largest supplier in the promotional products industry, has officially been completed. Financial terms of the transaction were not released.

First announced in January, the deal was formally closed in March. The transaction involves CD&R investing alongside S&S’s current owners and management to acquire the Bolingbrook, IL-headquartered supplier.

John Compton, CD&R operating partner and former president of PepsiCo, is now chairman of the S&S Board of Directors. Jim Shannon, S&S’s long-time president who has been with the company for 30 years, is now CEO of S&S.

“This transaction is an important milestone for S&S and a validation of our continued success,” said Shannon, a member of Counselor’s Power 50, a ranking of the most influential people in promo. “As successful as we have been over the last two decades, we believe our growth story is just beginning.”

3 of the top 5 suppliers in #promoproducts are now private equity-owned following today’s news of S&S Activewear being acquired. Quick analysis of PE’s growing presence in promo pic.twitter.com/Mjhv4055Dw

— Chris Ruvo (@ChrisR_ASI) January 20, 2021

Founded in 1988, S&S has grown from a successful regional supplier into a North American apparel juggernaut. The expansion has been especially pronounced over the last decade or so, with the company rising to become only the third billion-dollar supplier in promo, based on 2019 North American promotional products industry revenue of $1.3 billion. S&S reported that total company revenue is currently about $1.5 billion.

Since 2010, S&S has expanded geographically and made three key acquisitions. Those include the purchase of the large Canada-based wholesale apparel provider Technosport – an acquisition announced in December 2019. S&S maintains that its products can reach 99% of the U.S. and Canadian populations within two days, and 44 states in just one day.

With offices in New York and London, CD&R has managed the investment of more than $30 billion in 97 companies with an aggregate transaction value of more than $150 billion. It manages capital on behalf of institutions and individuals around the world, with clients in North America, Asia, Europe, the Middle East and Latin America. Clients that work with CD&R range from corporate pensions, public pensions, sovereign funds and foundations/endowments, to insurance companies and high net worth and family offices.

“We are delighted to partner with a talented, entrepreneurial S&S team that shares our core values in a business we know and understand,” said CD&R partner Ken Giuriceo. “We look forward to working together to achieve our vision for continued strong growth that creates exciting opportunities for employees, vendors and customers, as well as the local communities where they operate.”