Lolly Wolly Doodle is now under new management.
Dan Frydenlund, chairman and CEO of the Stage Fund, said his Denver-based investment firm purchased the company on Sept. 11. The Stage Fund is a private equity firm located in three cities — Denver, San Francisco and New York. Starting with crisis management, the Stage Fund invests, provides real-time information to all stakeholders, and works around the clock.
“Our firm is large enough that this would be handled with one of my more junior partners,” Frydenlund said. “But this company excites me so much that I’m taking a very active role in it.”
Lolly Wolly Doodle, a multi-million dollar manufacturing company based in Lexington, sells custom women and children’s clothing online. It was founded by Davidson County native Brandi Temple in 2009. The company sells its items through multiple online channels, including its own website, but a majority of its sales are conducted through Facebook. Temple was not available for comment.
An investment firm known as Revolution Growth invested $20 million in the company in 2013. Lolly Wolly has since expanded its production facilities to New York and some of its manufacturing is outsourced to China and Latin America.
Since it is private equity, Frydenlund said he cannot release the purchasing information. The Stage Fund is majority owner, but is still partnered with Revolution and other shareholders.
Frydenlund said it’s been 90 days since the opportunity first presented itself. The chairman said it took a week to close after making the offer.
Frydenlund said his firm is going to invest heavily into technology and expand manufacturing in the local area, which means more job opportunities.
“Most of the investors in the space have been hands-off investors,” Fydenlund said. “And we’re hands-on investors. We work with the management in the groups to help grow and expand.”
The chairman said his firm has in-house talent for online marketing and retail. The firm has contacts and relationships at major retail firms that will partner with them to expand outreach.
Frydenlund said he expects huge growth and that he is thrilled to be a part of the community. He believes now is the time to manufacture more in the country — not less.
“We’re talking with all of the large retailers out there,” Frydenlund said. “All of the major retailers out there that don’t have an online direct retail experience for the customers need to have it. This company will end up partnering with a lot of firms like that to sell its goods. Which in turn gets me excited because we’re going to manufacture more in the United States.”