OneCoast Network Acquired by New Investors
By Staff -- Gifts & Decorative Accessories, 2/1/2004
A group of private investors headed by Eyk and Rose-Marie Van Otterloo of Marblehead, MA, acquired 13-agency, nationwide rep firm OneCoast Network from ICG of Wayne, PA. "We are now owned by investors whose long-term focus and previous experiences are strongly aligned with our strategy," said OneCoast chief executive Ted Teele. Eyk Van Otterloo is co-founder of Boston-based investment firm GMO, which manages $50 billion worth of assets for institutional investors. The husband-and-wife team are also part owners of an 11-store New England retail chain called Irresistibles (casual women's apparel and gifts), where Rose-Marie served as a buyer for a number of years. A third investor in the group is Scott Spangler, Arizona-based owner of Chemonics Intl. Inc., a company that provides technical assistance to developing countries. Terms of the transaction were not disclosed. OneCoast's Teele said that he expects there will be no changes in the management team or the operations of its agencies as a result of the acquisition.
