By COLlive reporter
Castanea Partners, a private equity fund based in Massachusetts, has announced Tuesday that it has invested in Astor & Black Custom Clothiers.
Astor CEO and founder David Schottenstein will continue to lead the business following the transaction and will retain a significant equity interest in the company.
Headquartered in Columbus, Ohio, the company markets its products online at astorandblack.com and through its professional clothiers, who visit customers directly at their homes or offices for custom fittings.
“David and his team have done a terrific job of building a business that offers customers an unmatched value proposition by delivering superior customer service and product quality at attractive price-points,” said Robert Smith, Managing Partner of Castanea.
Astor & Black appeals to a broad base of professionals and counts numerous high profile athletes, businessmen and celebrities amongst its client base. The brand’s product line includes men’s suits, shirts and casual apparel.
COLlive.com has learned that Schottenstein and his wife Eda have marked the successful deal with contributing $500,000 to building the Jewish Russian Community Center of Montreal, run by her father Chabad Rabbi Yisroel Sirota.
Mr. Schottenstein was recently mentioned in a Forbes article titled “How To Make $1 Million Before You Graduate.”
“When David Schottenstein graduated from Oholei Torah Rabbinical Seminary at age 20, he hadn’t yet made his first million–but he was well on his way,” Forbes wrote.
“In 2004, at age 21, Schottenstein started a custom suit company at his home in Columbus, Ohio. With $75,000 he had pocketed day-trading in high school, he went to Hong Kong and lined up factories to manufacture custom “Zegna-quality” suits, listed at a fraction of competitors’ prices and sold by haberdashers door-to-door. During its first full year of business Astor and Black generated $562,000 in sales. Last year it did $20.5 million.”
was that Caya Mushka Seminary in Montreal? I was also your classmate.
We are fortunate that Hashem has sent the Schottenstein’s to support Chabad, Israel & the many other important Jewish causes worldwide. It is beautiful to see that Eda & David have made an enormous contribution to their own family who are the Rebbe’s shluchim in Montreal. A Shakoyach!!
Mazel Tov Eda what a beautiful way to give back to your parents!
a friend from sem!
Great to see successfull yidden, Boruch HASHEM!
a true bal tzadakah
You are both unbelievable!
People don’t know half of what you do and how many people you helped.
People give tzedakah because they have to, but you both give it out of love and it makes YOU happy.
From all those who you have been there for – in every way, Thank you.
There are very few people out there like you.
You should only have the best of everything!
David – Keep It Up!
Great to see that David and His wife have a “Geshmak” in giving Tzeddakah! I hear they have given to the Shluchim Office Online School and to LEC day school in Miami. What an example for all the young guys making some money!
U look beautiful as usual