PORTSMOUTH, NH (BRAIN)�As of July 1, BaileyWorks is no longer solely owned by Jonathan Bailey. The 15-year-old messenger bag company recently got a cash boost to aid future growth and new owners who will provide operational and accounting expertise. Bailey sold a minority stake in BaileyWorks Inc to husband and wife Gary and Toni Smith. Gary Smith is former president of The Timberland Company�s outdoor group and earlier this year became majority owner of Independent Fabrication, a custom frame company in Somerville, Massachusetts. He will help run operations, providing branding, distribution and manufacturing expertise. His wife Toni, former professor in sustainable business practices at the Bainbridge Graduate Institute, will become the company�s controller and handle accounting. Bailey�s wife, Emily, also has an ownership stake and handles the company�s marketing and communications. �We had been searching for a buyer and had turned an offer down and explored a couple of other things,� said Bailey, company president and head of design. �We were hitting growth problems of not having enough cash flow and too many things on my plate. The human capital they bring is equal to if not greater than the flexibility the money gives us.� The cash investment will allow BaileyWorks to design and introduce new products, revamp its ecommerce presence, expand its network of independent dealers and pursue European distribution. The premium messenger b ...
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