Splash

Water Water Everywhere, a national specialty swimwear and accessories retailer, has been acquired by Bear Growth Capital Partners, an affiliate of Bear Stearns & Co. Inc. (New York).

The 20-store chain, primarily in the Northeast and Mid-Atlantic regions, will be combined with BGCP’s existing portfolio company, Everything But Water, the largest independent specialty retailer of women’s contemporary swimwear. On a combined basis, the company will now have 56 locations across the U.S. and Puerto Rico.

Terms of the deal were not disclosed.

“This transaction provides Everything But Water with a broader retail presence and stronger brand awareness that will allow us to better serve the needs of our clients,” said Everything but Water president Ann Tucker. “We are excited to begin the integration process and work with the team at Water Water Everywhere to carry out our growth strategy.”

All of the Water Water Everywhere stores will continue operating as usual, but over the next few months they’ll begin adopting the Everything But Water brand name. Once the integration process is complete, the companies will function as one entity and be based in Orlando.

Several Water Water Everywhere executives will join the new company. Water Water Everywhere president and owner Andrew Cohen will become a director of Everything But Water.

“This acquisition of Water Water Everywhere is a part of our strategy to establish a broader geographic base for Everything But Water and capitalize on this exciting market opportunity” said Bear Growth Partners managing director Joe Scharfenberger.

Over the next two years, Everything But Water plans eight store openings in Florida, Connecticut, Illinois, New Jersey and Wisconsin.