Alta Gracia Resumes its US and Dominican Republic Operations
New investor committed to long term success of Living Wage model
ATLANTA, January 22, 2019 - - Alta Gracia is pleased to announce that it has resumed its US and Dominican Republic operations after a brief hiatus. The company’s management team is moving forward on its energetic 2019 business plan and has begun notifying customers, suppliers, and strategic partners of its enhanced financial strength and new additions to its leadership team.
The company suspended operations temporarily after a prospective investor unexpectedly withdrew its offer to provide growth capital for 2019. Alta Gracia management worked with the union at the company’s Dominican factory to develop a response that would minimize the impact on employees. In close consultation with the Worker Rights Consortium, workers and management reached an agreement to temporarily suspend production, while the company’s leadership worked to find new investment. Said Chris Morocco, Alta Gracia’s CEO, “the union’s willingness to work with us proved invaluable, allowing our leadership to focus all of our energy on fundraising efforts, which ultimately minimized the length of the suspension.” Added Morocco, “We are proud that Alta Gracia’s living wage employees were treated with dignity and respect as we worked together to overcome this challenge. That is the hallmark of our mission.” Additionally, noted Morocco, Donnie Hodge, the previous owner, worked with our new investor and once again put the people of Alta Gracia first.”
Alta Gracia’s swift resumption of normal operations was made possible by a major new investment from Barry Davison, founder of Yellowcreek Partners. Davison is an entrepreneur, investor and philanthropist with a long string of successes. A veteran of Arthur Andersen and Abbott Labs, he founded and later sold LMS Intellibound, an Atlanta based logistics company. For the last 10 years, he has been an angel investor in a wide range of business, including in e-commerce. Morocco stated “Barry is investing the necessary capital for Alta Gracia to execute its ambitious growth plan and he has the resources and operating experience to ensure long-term success. Barry’s entrepreneurial virtuosity and deep commitment to our social mission make him the ideal partner for Alta Gracia”
Additionally, John Allen, founder of Ivory Ella, a successful online apparel brand that Allen founded while still a student at Temple University, plans to join the Alta Gracia team to spearhead its e-commerce efforts. Ivory Ella’s message of social responsibility and its robust e-commerce platform generated $28 million revenue in 2017, allowing the company to devote $1.6 million to its cause of wildlife conservation. (www.ivoryella.com) “John is an extremely bright and highly energetic entrepreneur who brings direct apparel experience to Alta Gracia,” said Morocco. “John’s breadth of experience leading Ivory Ella’s ecommerce marketing, product development and supply chain efforts will play a key role in our growth and success”, Morocco stated.
Concluded Morocco, “With access to ample growth capital and talented new additions to our management team, Alta Gracia now has the resources to realize our vision: to build a life-changing global brand.”
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