NEWTON, Mass.—Astor & Black has a major investor in Massachusetts-based Castanea Partners. The custom clothing company, which was founded in 2004 in Columbus, Ohio by David Schottenstein, sells custom suits and dress shirts, along with non-custom sportswear, accessories and outerwear online and through its travelling clothiers.
“Astor & Black is an exciting investment opportunity for us,” said Castanea managing partner Robert Smith. “David and his team have done a terrific job of building a business that offers customers an unmatched value proposition by delivering superior customer service and product quality at attractive price-points. We are excited to partner with David and continue to find new ways to enhance the customer experience.”
Schottenstein will stay on as head of Astor & Black. He also keeps a “significant” equity interest in the company (terms of the deal were not disclosed). He commented, “Castanea’s extensive experience in working with entrepreneurs to build successful businesses coupled with their deep understanding of the high-end apparel business made them the logical partner for the business. Castanea has a solid understanding of our customer and how we can best position the business for future growth.”