Outerstuff designs and produces childrens jerseys, t-shirts and other clothing items for the leading brands in American sports, including the NFL, MLB, NBA, NHL, MLS, US Olympic Committee, and more than 200 leading colleges and universities, as well as Adidas youth apparel. Outerstuff's Annual Report & Profile shows critical firmographic facts: What is the company's size? A family statement provided to FORBES said Since that time, the family has resolved all outstanding disputes and all members are very close with one another.). Sol Werdiger of New York City was identified as being a 50 percent owner of an entity called GPC Adams LLC that stands to earn hundreds of millions of dollars in revenue in the long term under a . Try another search query or. The Company operates via exclusive contracts with the leagues to produce their branded youth apparel, which it sells through specialty sporting goods stores and leading general retailers. "Somebody I'm certain our developer is very proud to be associated with as an investor.". Our asset management businesses include investment vehicles focused on private equity, real estate, hedge fund solutions, non-investment grade credit, secondary funds, and multi asset class exposures falling outside of other funds mandates. Contact:Oriane Schwartzman However, new office construction asking rates are considerably higher, with Dan Gilbert's and the Ilitch family's new office space asking for rents in the high $30s to low $40s per square foot, sources have previously said. It's an important job and a serious undertaking with great challenges and even greater rewards when things work out right. A rendering of the planned headquarters in downtown Detroit, produced before Chemical Bank's merger with TCF Bank was announced. Once New Yorks biggest landlord, Sol Goldmans legacy lives on. The main point is not to sell anything," Sol told FORBES in 1985, when his net worth was estimated at $450 million. At the time, the youth business was around a tenth the size of the adult licensed sports apparel market. for his invaluable production assistance. Upgrade your subscription to get all the news you need: Adding SBJ weekly content will give you the comprehensive view of sports business with: Adding SBJ daily content will give you the comprehensive view of sports business with: You have 1 All Access article remaining this month. Under normal circumstances, Sol Werdiger, founder and CEO of the youth sports apparel manufacturer Outerstuff, is a gregarious presence on Super Bowl weekends. A shift towards, Handling involuntary termination is a likely occurrence for human resources managers and, Return better results with Payscale job search, Compare real living costs across different states, Consider potential directions your career can take, Calculate the 20-year net ROI for US-based colleges, Are you the kind of person who struggles to get a handle, Learn where the best career earners attended college. 1412 Broadway #18, New York, NY 10018 February 10, 2022 Sol Werdiger, founder and CEO of the youth sports apparel manufacturer Outerstuff, has attended every Super Bowl game for more than two decades. (212) 594-9700. www.outerstuff.com. For press inquiries, contact[emailprotected]. At the top of the licensed-sports apparel market, elite sports properties are selling deals based more on the value of TV exposure than on what their apparel rights are worth at retail. "We've been dealing with this, I would say, obvious and visible relationship since we chose specifically, I chose that location," Shafer said last week. Sullivan & Cromwell served as legal advisor to Outerstuff during the transaction. The highest reported salary for an employee at Outerstuff Ltd. is currently $NaN / year, Outerstuff Ltd. provides a few pension benefits and perks. I am extremely excited about working with Blackstone as we begin the next chapter of our growth story.. Award-winning original reporting, with in-depth profiles, timely research and expert opinions on the biggest issues and stories in sports business. Found 13 colleagues at Outerstuff Ltd. Please visit www.JewsYouShouldKnow.com, follow us on Twitter Rare insight into WNBA revenue and PLL adds Mike Levine to BOD. By. . Blackstone is one of the worlds leading investment and advisory firms. Sol Werdiger, CEO Outerstuff shares a fascinating story about a South Korean vote in the UN. However, if it simply increased at a 2 percent rate every year for the 50 years, the total rent would be $712.1 million, Crain's calculated. "At Outerstuff, our vision is to become the preeminent global provider of apparel serving our sports league and brand partners," said Sol Werdiger, Outerstuff founder and chief executive officer. 2023 Leaders Group. The project is set to be more than 1.1 million square feet covering 87 acres of the former home of the Detroit Pistons. Outerstuff is a leading provider of sportswear - jerseys, youth-wear and more - for most of the major sports leagues in the United States. Werdiger thinks it could be a $30 million wholesale business in its initial year and says hell do whatever we can to get that brand on the field again.. This website uses cookies, including third-party cookies, in order to obtain information about your visit to the website and make this website better. Market Intelligence The bank had previously said it would not seek public financing, but changed course in recent months. Still, renting and ground leases will continue to be Solil's core, says Michael Goldman, Janes son. You can see it in the citys skyline (particularly over on Madison Avenue between 37th and 84th streets, large parts of which his heirs still own). Access to easy-to-read digital editions of weekly issues. After his death, his estranged wife Lillian, and later Lillian and her. 4 Impactful Programs. Pay increases are a top concern for 2022 to attract and retain talent, Temporary employee laws: A guide to hiring contract roles, What to include in a termination letter: Template and examples, How to Manage Your Time and Prioritize Your Workload. "He's a very prominent national businessperson, company and investor," Tom Shafer, the former Chemical Bank CEO who moved into the president and chief operating officer position with the new TCF Bank, said in an interview with Crain's last week. 4 Weeks. When Sol died in 1987, he was New Yorks largest private landlord. We take a deep dive into what's impacting employee retention and what employees are looking for in their new role. Jane and Allans sons are being prepped to one day take over. companies in the Jewish world. Chemical Bank has said in filings with the U.S. Securities and Exchange Commission that Torgow "recused himself from all Board deliberations related to this lease agreement, and none of (the) adult children are directors, officers or employees of (Chemical Financial Corp.) or Chemical Bank. Check Background Get Contact Info This Is Me - Edit Reputation & Background View All Public Private Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services. He also said other properties were considered but none met all of the bank's requirements for its move from Midland to Detroit. "At Outerstuff, our vision is to become the preeminent global provider of apparel serving our sports league and brand partners," said Sol Werdiger, Outerstuff founder and chief executive. Youngest daughter Jane, who oversees Solil's daily operations, is the only female billionaire running a real estate portfolio. That was later challenged by her children, though after a five-year long legal battle, it ultimately stuck. | By YEHUDI Facebook Log In Watch Home Live Shows Explore More Home Live Shows Explore Sam Munaco, a longtime Detroit commercial real estate broker focused on tenant representation, said the lease is a fair deal between the bank and GPC Adams. Congress Susan Wild Congresswoman from Pennsylvania. Sol also rarely sold. Sol Werdiger, founder and CEO of youth licensed sports apparel manufacturer Outerstuff, has a sheaf of data he'll throw at any Silicon Valley executives who think their business is complex. esgSubNav, Discover more about S&P Globals offerings, Global Credit and Risk Symposium: Unlocking Possibilities, JW Marriott Sao Paulo Av. The estate soon went to New Yorks surrogate's court as Sols estranged wife fought with her four kids over what to do with the massive portfolio. Aside from a well-earned reputation for solid service and supply-chain expertise across a disparate base of retailers, recent additions to Outerstuffs domestic production capabilities and an expanded team of designers, which totals more than 100 in New York, are helping Outerstuff grow into adult sizing. Click below to sign in. (Photo courtesy of the Goldman family), portfolios. "In this business, you make money slowly. Jane oversees the daily operations of the real estate company her father built. Hashem (sanctification of G-d's name), in all of his business If and when the top athletic footwear brands no longer find value in that arrangement, Outerstuff is their logical successor. Outerstuff has established itself as an industry leader in the branded youth apparel market by leveraging its in-house design team, low-cost manufacturing, sophisticated demand-planning. (Photo courtesy of the Goldman family). But Ratings added that a return to "a more normal sports environment" in 2022 could allow the company to take advantage of its pandemic-driven cost-cutting measures and "generate materially positive free cash flow" by then. Seed, Series A, Private Equity), Whether an Organization is for profit or non-profit, General contact email for the organization, Leading designer and manufacturer of branded youth apparel, Edit Lists Featuring This Company Section, Misfits deal with clothing maker Outerstuff isnt just about its esports teams, Northeastern US Companies With Less Than $500M in Revenue (Top 10K), Northeastern US Manufacturing Companies (Top 10K), East Coast Companies With More Than 500 Employees (Top 10K), Northeastern US Companies With More Than 50 Employees (Top 10K). February 8, 2023 Sol Werdiger following a meeting with Bibi Netanyahu By Larry Gordon Shloime (Sol) Werdiger approaches his role as a leader in the Torah-observant world calmly and thoughtfully. After being separated, Lillian filed for divorce in 1983. With the complexities in sizing that we have in kids, that should be easy.. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Leaders Group. She is now best-known as a premier heirloom horticulturalist and is also a political megadonor, having given about $2.5 million to democratic campaigns or super PACs so far this election cycle, according to the Center for Responsive Politics. General Motors plans $200M EV parts plant at Palace of Auburn Hills site, Greektown hotel renovations near the finish line, Ishbia and other UWM execs made less in 2022 than 2021, Detroit city airport on shortlist for flying taxi maker's new plant, Restaurant Roundup: Detroit Hudson Caf to reopen in May; new concept from Vicari and more, Crash test pioneer Robert Denton and wife die in plane crash, Harley-Davidson: Not enough people to repossess all the motorcycles. The latest personnel hires and promotions, plus exclusive ratings and research from the sports industry. The company also produces items for the U.S. Olympic Committee and more than 200 colleges and universities, and Adidas youth apparel. About Outerstuff Address: New York, New York Website: http://www.outerstuff.com/ Industries: Sporting Goods, Manufacturing Founded on: January 1st, 1983 Number of Employees: 501 - 1,000 "About. A glimpse into the lives of the richest, most prolific families in America, and how they builtand sustainedtheir empires. Technology Sofia Gross Public policy manager at Snapchat. Almost any sports specialty, mass merch or sporting goods store. For information on our privacy practices see our Privacy Policy. Is this your business? Southfield-based Signature Associates Inc. was contracted to help with site selection. Werdiger's business is likewise booming. Allan Goldman, co-chair of Solil Management, pictured more than a decade ago with a young Steven [+] Gurney-Goldman, who is now working at Solil and will one day take over his father's position. You may opt-out by. Some of Outerstuffs collegiate rights also include adult togs. Address: 1412 Broadway FL 18 New York, NY, 10018-9258 United States See other locations Phone: Website: www.outerstuff.com Employees (this site): Actual Employees (all sites): Actual Revenue: Modelled Year Started: ESG ranking: ESG industry average: What is D&B's ESG Ranking? We currently don't have any reviews for this employer. In reality, solpuga is a genus of arachnids from the order of solifugae, which might suggest that the solpuga from Andrzej Sapkowski's novels is an arachnid as well. in our world. Have feedback for the show, or suggestions for future guests? The vagaries of fusion technology or keeping up with Moore's Law? The main point is not to sell anything," Sol told FORBES in 1985, Americas Richest Families: An eBook From Forbes. GPC Adams is an affiliate of Sterling Group, the Detroit-based real estate company that Gary Torgow started in the 1980s. What is Solomon Werdiger's current address? CEO of Outerstuff. Outerstuff designs, makes and markets licensed childrens sports apparel for major sports leagues in North America, including the NFL, MLB, NBA, NHL and MLS. Headquartered in New York, New York, Outerstuff was founded in 1983 by Sol Werdiger, who continues to be CEO today, and has built a market-leading position by delivering high quality products and sales performance to its league and apparel partners. They've already added a millennial perspective, and have started work on Solil's first website. and the heirs of banking scion Andrew Mellon. In spite of the expected earnings improvement from the renegotiated contracts, Ratings believes Outerstuff's liquidity will be "less than adequate" over the coming year. Our Fair Pay score for Outerstuff Ltd. is 2. Outerwear, including pricey jackets, was a big piece. According to the Southfield office of brokerage firm Newmark Knight Frank, the average asking rent for existing Class A office space was $26.58 per square foot in the second quarter. There are 7 other people named Sol Werdiger on AllPeople. Both Solil and cousin Lloyd Goldman's BLDG Management each also have a 16.67% stake in the World Trade Center projects reinvigorating downtown Manhattan. What your skills are worth in the job market is constantly changing. The Goldman family may be familiar to FORBES readers. Under terms of the lease, GPC Adams is to collect $35 per square foot for the building's 199,370 square feet of office space, $50 for each of the 3,801 square feet of retail and $300 for each of the 311 parking spots, making a 2022 first-year rent collection of about $8.29 million if the entire building is leased. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazines awards, such as Forty Under 40, Game Changers and others. Crain's Senior Editor Chad Livengood contributed to this report. SBJ I Factor presented by Allied Sports features an interview with Navigate founder A.J. Similar to what Fanatics has been doing in building and aggregating e-commerce rights, were looking to expand and protect the traditional retail channel. He addedthe Chrysler Building in 1960. The other is servicing retailers by building scale and providing the level of service any big league needs. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, the companies we advise and the broader global economy. Powered by: AMR Pharmacy and DailyGiving.org. The politics and business news you need to stay up to date, delivered daily in a must-read newsletter. website at www.meor.org. (Annual sales and employees) Sol appeared on the first Forbes 400 list of Richest Americans in 1982, with a net worth estimated at $200 million. When Lillian died in 2002, her estate (including cash and properties worth $374 million) was divided nearly equally among her children, according to court documents obtained by FORBES. Shafer said he, not Torgow, was responsible for selecting the site where the new headquarters will be built. (In a 2008 interview with The Real Deal, Jane said I think we all have regrets about that period. Outerstuff's annual revenues are $100-$500 million (see exact revenue data) and has 100-500 employees. The Solil portfolio has grown largely thanks to Jane, 60, and the only brother, Allan, 73, who together took over the business leadership when Sol died and who both serve as co-chairs. "In this business, you make money slowly. We identified a great niche in kids. According to Ratings, Outerstuff also renegotiated terms of its licenses with "most major sports leagues," significantly reducing minimum guaranteed royalties. affairs. Corporate governance and real estate experts say the company appears to have followed rules for disclosure and vetting such transactions and the lease seems to be a fair deal. Click below to see everything we have to offer. Last year, Werdiger was chairman of its board of trustees and Torgow, a member of the board, served as event chairman for its annual event in New York City. "What's important to keep in mind is that they need to be vigilant on this. Sol appeared on the first Forbes 400 list of Richest Americans in 1982, with a net worth estimated at $200 million. San Francisco Bay Area, Silicon Valley), Operating Status of Organization e.g. A development structure in which Chemical Bank owned the building had been envisioned but that changed to a lease arrangement as one of the negotiating points with TCF, Tom Wennerberg, a spokesman for Chemical Bank, said at the time. "When we came together and became full-time here, we had a really good team and my kids over there. "We worked with the Federal Reserve to make sure they understood the relationship. With a Crains Detroit Subscription you get exclusive access, insights and experiences to help you succeed in business. Jew, focused very much on the themes of integrity and Jewish Whether he's attending the latest super bowl, facilitating the siyum hashas in MetLife stadium, or dealing with his staff - he is always focused on making a kiddush Hashem. (Photo courtesy of the Goldman family), This story appears in the July 26, 2016 issue of Forbes. Total number of Crunchbase contacts associated with this organization, Total number of employee profiles an organization has on Crunchbase, Total number of investment firms and individual investors, Total number of organizations similar to the given organization, Descriptive keyword for an Organization (e.g. Outerstuff designs, makes and markets licensed children's sports apparel for major sports leagues in North America, including the NFL, MLB, NBA, NHL and MLS. Since joining Crain's Detroit Business in 2013, he has written about leasing, development and property sales in Detroit and its suburbs, as well as the industry's trends, personalities and quirks. ABOUT THIS EPISODE Sol (Shloime) Weridger runs one of the most interesting companies in the Jewish world. Childs play. +1 (212) 390-2250[emailprotected]. Although Sol did not know the purpose of the meeting he agreed to meet with Mr. Joon. An athletic footwear brand, likely Nike or Under Armour, is expected to buy VFs remaining upstairs retail rights. He embodies . Sometimes Solomon goes by various nicknames including Sol Werdiger. Outerstuff has kids licenses across top U.S. leagues. a Jew You Should Know. Before you decide whether variable pay is right for your org, get a deeper understanding of the variable pay options and the cultural impact of pay choices. Now that weve aggregated all of the youth rights, obviously the next logical step would be for us to go and bid for the adult rights. See the full leadership team at Craft. One is like renting billboards. Its a blip on the whole picture of who my father was and the things he accomplished. It was her last public interview, and she and the rest of her siblings declined to be interviewed for this story. Standard & Poors upgraded the debt ratings of U.S. youth licensed sports apparel maker Outerstuff LLC as the company recently reached an agreement with its lenders to extend its term loan maturity to December 2023 and paid its lenders the principal and interest it missed in March, June, and September 2020. 49 print issues delivered to your home or office. We do this through the commitment of our extraordinary people and flexible capital. Born to Holocaust survivors, Sol was raised to always push himself to grow closer to Hashem. (Photo courtesy of the Goldman family). Switchboard:+1 (212) 583-5000. Several years ago, Allan stepped back his work day-to-day due to health issues. Solil and BLDG both also have some properties outside the New York area. Outerstuff will sell Umbro-logoed mens, womens and youth apparel beginning in January. As of this date, Solomon is married. As an umbrella to all of this, the Werdiger Family Foundation was set up to direct charitable monies to various philanthropic organizations by Sol Werdiger. sports leagues in the United States. Register for a free SBJ account to unlock one extra article per month. It projects debt-to-EBITDA will be around 8x in 2021, while expecting the company to run free cash flow negative as it rebuilds inventory. For office-specific contact information, please visitour offices page. MEOR operates Further information is available at www.blackstone.com. Budweiser Born to Holocaust survivors, Sol was raised to always push himself to grow. "They determined that this was the best deal for the company and that they shouldn't not go forward just because of the conflict," Schipani said. The long legal battle became the largest trust case in New Yorks history. Their three first cousins, led by Sols nephew Lloyd, control their own more modest and leveraged real estate empire through BLDG Management;FORBES estimates that branch of the family is worthat least $1.5 billion. content Use our tool to get a personalized report on your market worth. Outerstuff upgraded by S&P Global Ratings to CCC on deal with lenders, Banking Essentials Newsletter: 5th May Edition, Banking Essentials Newsletter: 19th April Edition, According to Market Intelligence, April 2023, Banking Essentials Newsletter: 5th April Edition. Werdiger called Torgow a "close, loyal friend" in a Hamodia newspaper article last year and said that his and Torgow's relationship goes beyond friendship and into politics and public policy. Matthew Kassel. Solpuga, also called a venomer, is a creature that spits highly caustic lye. Mr. Werdiger is the CEO of the wildly popular sportswear line, OuterStuff, but that's just the tip of the iceberg. Ratings had downgraded Outerstuff in May 2020 to SD after it missed an interest and principal payment due March 31 on its term loan. Want to support this podcast? Its advocacy includes education and social services, and has been active in securing public funding for religious schools, according to a 2017 Washington Post story. Earlier this summer, the Michigan Strategic Fund approved $16.7 million in brownfield financing for the project, which has a budget of $132.6 million. Subscribe. He has formed life-long relationships with some of the world's biggest Rebbas and Gidolim. The Solil portfolio, which has largely remained in tact, is now worth 16-times more. Outerstuff is a leading designer and manufacturer of branded youth apparel for the major sports leagues in North America as well as Adidas and more than 200 leading colleges and universities. Jews You Should Know introduces the broader community to Contact info: swerdiger@outerstuff.com Find more info on AllPeople about Sol Werdiger and Outerstuff Ltd, as well as people who work for similar businesses nearby, colleagues for other branches, and more people with a similar name. He has attended every championship game of the National Football League for more than two decades, always using the occasion to connect with local Jewish community members. I divested myself" in 2009, Torgow said. Once Sol was fully on his own, he decided to eschew debt; he paid all cash for most of the land he bought. SaaS, Android, Cloud Computing, Medical Device), Where the organization is headquartered (e.g. We believe in the long term strength of the New York City real estate market and think that if we manage our holdings patiently without taking on excess risk and leverage we should be able to weather many of the challenges that we are sure to encounter as we grow with the company, Steven Gurney-Goldman, Allan's son, told FORBES recently. Timely, daily updates provide the latest developments and news relied upon by industry leaders. Outerstuff also renegotiated the terms . I lead Forbes coverage of food and agriculture. By submitting this request, you consent to receive email from Blackstone. Gender Male. in clinical psychology. Alex died that same year and his sons literally flipped coins with Sol, playing heads or tails to divvy up the rest of the portfolio. Jane oversees the daily operations of the real estate company her father built. It is owned by GPC Adams LLC; city land records say the two properties that comprise the site 2047 Woodward Ave. and 25 W. Elizabeth St. were last sold in 2013 for $4.25 million. He is also a deeply committed Jew, focused very much on the themes of integrity and Jewish values. We have 600,000 SKUs in our NFL business alone, said Werdiger, with a tone of disbelief at the statement. From the heart of New York Citys Garment District, Werdiger passionately cites statistics supporting his contention that the sports licensed apparel business is more intricate and demanding than building the next million-dollar app. Gurney-Goldman, who is now working at Solil and will one day take over his father's position. Together his four children are worth at least $12.2 billion, or $3.05 billion apiece. That included the prized Chrysler Building, which they gave up in 1975. A message left with Werdiger, the founder and CEO of New York City-based children's sportswear maker Outerstuff LLC, was not returned last week. But each is Whenever my grandfather was asked how he acquired so many buildings, he would simply say, I paid the most. If he believed in an area, he was not afraid to pay more than everyone else," Michael told FORBES. He and his partner Alex DiLorenzo borrowed heavily to build up their portfolio, only to see it all come falling down in the 1973-1974 real estate crash. To view recent press releases,click here. Mr. Werdiger is the CEO of the wildly popular sportswear line, OuterStuff, but that's just the tip of the iceberg. All rights reserved. "As an operator, Elie faces all challenges head-on and takes his fiduciary responsibility very seriously," said Outerstuff LLC CEO Sol Werdiger, who has invested with Rieder.
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