ButcherJoseph Advises Jim’s Formal Wear on a Sale to Its Employees
ST. LOUIS, March 04, 2025 (GLOBE NEWSWIRE) — Saint Louis, MO, March 2025 – ButcherJoseph & Co. (“ButcherJoseph”) served as financial advisor to Jim’s Formal Wear (“JFW or The Company”) on a sale to its employees through the creation of a new employee stock ownership plan (“ESOP”). The transaction closed on December 30, 2024.
Founded in 1964, Jim’s Formal Wear is the largest independent provider of men’s formal wear services in the USA. The Company is headquartered in Trenton, Illinois, and has a network of seven service centers and eight delivery hubs across the country. JFW carries all garment types necessary for formal occasions, including weddings, proms, quinceañeras and other special events. Having successfully navigated to its third generation of family leadership, JFW has expanded over the years into a nationwide distributor of rental and retail formal wear garments to more than 4,500 independent retailers. These retailers include bridal shops, men’s stores, and tuxedo specialists, among others. The Company maintains long-tenured relationships with its highly diversified retailer network, with the average tenure exceeding a decade. JFW currently employs 500 full-time team members and staff and hires an additional 250-300 seasonal employees.
“The transition to an employee stock ownership plan secures the company’s future while empowering our employees with a meaningful stake in its success,” said Steve Davis, CEO of Jim’s Formal Wear. “We chose to transition ownership to our employees as a way to honor their dedication, talent, and hard work. This move also empowers our team to take an active role in shaping and participating in the benefits of our future growth while preserving the principles and culture that define us. I believe this new structure will drive innovation and long-term success.”
“The transition to an employee-owned company strengthens JFW’s foundation for sustained growth and stability,” said Tristan Tahmaseb, Director at ButcherJoseph. “I am confident the ESOP structure will also foster greater employee engagement and deliver lasting value for the company. It was a true pleasure collaborating with Steve and his team on this transition, and I wish them ongoing success in this new chapter.”
About ButcherJoseph & Co.
ButcherJoseph & Co. is a boutique investment banking firm specializing in sale transactions to strategic and financial buyers, employee ownership transactions (ESOPs), capital advisory (debt & equity), and valuations and fairness opinions for privately held businesses. ButcherJoseph is headquartered in St. Louis with a presence in Chicago, Washington, D.C., Miami, Palm Beach, Charlotte, and Scottsdale.
About Jim’s Formal Wear
Jim’s Formal Wear commitment to quality isn’t just a phase. It’s grounded in 60+ years of experience. JFW has seven strategically located service centers and eight regional delivery hubs nationwide. We employ 500 full-time team members and staff and hire an additional 250-300 seasonal employees. We take pride in serving more than 4,500 menswear stores, bridal shops, and other formalwear-related retailers throughout the country.
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