Gary’s Formal Wear Firm Getting Funds to Expand

Gary’s Cos., the Van Nuys-based parent of Gary’s Tux Shops, one of the nation’s largest formal wear retailers, is expected to announce today that it is receiving a large cash infusion to help it expand.

Although details of the investment by San Francisco-based Gryphon Partners were not disclosed, it is expected to fall within the $10- million to $25-million range, according to Gryphon spokesman Owen Blicksilver.

Founded in 1933, closely held Gary’s is a leading player in the $1-billion men’s formal wear industry. The company rents and sells tuxedos and formal wear accessories through 92 Gary’s Tux Shops in California and Hawaii, and leases tuxedos through Sears & Roebuck department stores, bridal salons and men’s clothing stores in California, Arizona, Nevada and Hawaii.

Gary’s has 500 employees.

“I’m very excited to be working in this new environment, and I believe that we will be accomplishing significant growth in the months and years to come,” said Gary’s Chief Executive Gary Trill.

Gryphon Partners, formed in 1996, is a private equity investment firm that targets companies with a proven competitive niche such as Gary’s, Blicksilver said.

“This is the kind of business that is immune from cycles; it’s not a fad business,” Blicksilver said. “In good times and bad, there’s always an occasion for a tuxedo.”

Trill said the investment would be used to open additional stores. He refused to divulge other details of Gary’s expansion plans.