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TSG Consumer Products Invests for 50-50 partnership
Syosset, NY – World-renowned New York jewelry designer Alexis Bittar recently completed a transaction that gave private equity firm TSG Consumer Products a 50% stake in his company. Stuart Mayer, CPA, a partner in the Syosset, New York accounting firm MayerMeinberg LLP, assisted Bittar in the transaction.
A client of Stuart Mayer for close to eight years, Bittar remains chief executive officer and creative director of the company that he launched, first selling antique jewelry and vintage clothing on the streets of New York City and later graduating to his own designs. Today Alexis Bittar jewelry is a staple in high-end department stores and boutiques around the world. Lady Gaga and First Lady Michelle Obama both have been photographed with their favorite Alexis Bittar pieces.
“Alexis brought me in as his accountant on the recommendation of Hilldun, a top factoring and finance corporation that serves the fashion industry,” explains Mayer. “At that time Alexis Bittar was outgrowing its basic bookkeeping and accounting software and needed the services of an accountant. Alexis had reached out to Hilldun so that he could have working capital and expand his inventory. Hilldun suggested he hire an accountant so that his books of record were better maintained. That’s where I came in.
“What I did for Alexis Bittar is typical of the services we provide to small companies– accounting expertise, business advice and the precise recordkeeping that financial institutions and potential investors need to see. In addition, we keep our fees at a reasonable level that’s appropriate in terms of what they’re able to pay. It is our hope, of course, that they will thrive and become a larger, more profitable company.”
Alexis Bittar quickly grew to a point where it needed the support of an accounting department, and Stuart Mayer earned a seat on the company’s advisory board. “Over time, our monthly meetings included the consideration of a private equity partner, culminating in a two year process that ultimately led to TSG. The advisory board was also instrumental in bringing in a CFO.”
MayerMeinberg acted as the direct go-between with TSG, providing due diligence for the people working on behalf of the private equity firm, including a team from McGladrey, a global accounting and consulting firm. “There‘s a very close knit working relationship MayerMeinberg cultivates that bridges the client gap and provides an extra level of comfort and ready expertise. When we weren’t in meetings working on the partnership, we were never more than a phone call away throughout the entire process.”
Stuart Mayer Bio
Stuart Mayer, CPA focuses his practice on new business and client development. He has been instrumental in the strong growth of clients in the fashion and apparel industries. His expertise working with online media and interactive services companies has helped guide them successfully through mergers and acquisition deals. Stuart’s proficiency in those industries was demonstrated when one of his clients was featured in the Wall Street Journal for impressive financial growth. Stuart has significant experience in certified audits and reviews of financial statements. He works extensively with the real estate industry, including CIRAs, developers, management companies and rental companies.
Stuart also is responsible for MayerMeinberg’s Lifestyle Management service area, which caters to high net-worth individuals, entertainment and fashion industry professionals and others whose careers and lifestyles require attentive and individualized care. From personal accounting management to the administration of cash flow, Lifestyle Management offers services and strategies to manage finances, increase wealth and minimize tax expenses.
Stuart received his New York CPA license in 2001 and holds a Bachelor of Science in Business from the University of Indiana at Bloomington. Active in various financial networking organizations throughout Long Island and New York City, Stuart is currently a member of the American Institute of Certified Public Accountants and the New York State Society of CPAs.
About MayerMeinberg
MayerMeinberg works with both individuals and businesses through the start-up, growth and transition phases with strategic advice and services to facilitate success, minimize taxes and maximize wealth. In addition to real estate, core competencies include professional services, digital media, e-commerce, staffing, bankruptcy, forensics and litigation support, construction, entertainment, leisure and fashion. Other services include lifestyle management, cash management, turnaround management, family business planning, business management consulting, estate and retirement planning and CFO services. The firm also has a Tax partner and full time tax attorney on staff to support and advise its accounting and business consulting practices.
The MayerMeinberg offices are at 6900 Jericho Turnpike in Syosset, New York and at 14 Penn Plaza in Manhattan. More information can be found at www.mayermeinberg.com.