Wickes to Sell Cole, 3 More Apparel Units

Wickes Cos. said Friday it agreed to sell four apparel businesses, including Cole of California swimwear, to the New York investment firm Odyssey Partners for an undisclosed price.

Wickes sold the businesses as part of a plan by its new owners to shrink the company. Wickes was acquired by WCI Holdings, a New York investment partnership, last October for $538.9 million.

Besides Cole, Odyssey Partners is buying Catalina sportswear and swimwear, Mode O’Day women’s shops and Colonial Corp. of America, a large maker of private label clothing. Cole and Catalina, both big names in swimwear, are based in the City of Industry.

Odyssey Partners is a 7-year-old firm with interests in electronics and apparel. Last year, it was involved in a bidding war with West Point-Pepperell for textile maker J. P. Stevens. West Point-Pepperell eventually acquired Stevens for $1.22 billion, but sold Odyssey $530 million of Stevens’ assets, including its carpet and industrial fabrics plants.

Founded by Actor

Wickes said the proposed sale to Odyssey was subject to regulatory approval. Odyssey’s owners, Jack Nash and Leon Levy, couldn’t be reached for comment.

Cole, Catalina and Mode O’Day, which has headquarters in Burbank, employ 2,800 workers. Colonial, a manufacturer of men’s and women’s private label clothing for large retail stores, including the Cheryl Tiegs sportswear line for Sears, is based in Miami and has all of its operations outside California.

Cole of California was founded by Fred Cole, a B-movie actor, who was forced to join his family’s underwear manufacturing business in the 1920s. He soon became restless and started to design woolen swimsuits with low backs and plunging necklines. His daring designs sparked a revolution in swimwear fashion.

His daughter, Anne Cole, continues to design swimsuits for the firm and is best known for her classic tank suit designs. Cole of California sells about 4 million suits a year and has sales of about $65 million.

Wickes acquired Cole, Catalina and Colonial when it bought Kaiser-Roth Apparel in 1985. The companies had been for sale since October, 1987, when Wickes’ previous management said it wanted to sell the businesses to help reduce the company’s debt.

When Wickes new owners took over the Santa Monica-based conglomerate, they decided to continue the search for a buyer for the apparel businesses.