September 16, 2014
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Archives for September 16, 2014

GE Antares Backs ICV’s Buy of OneTouchPoint

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ge antares nf1GE Antares served as administrative agent on a $80 million senior secured credit facility to support the acquisition of OneTouchPoint by ICV Partners. GE Capital Markets served as sole lead arranger and sole bookrunner on this facility.

OneTouchPoint is a national provider of marketing and communication services, including agency services, digital and commercial print, direct mail, fulfillment, e-solutions and business process outsourcing.  The company has seven US locations and is headquartered near Chicago in Oak Brook, IL (www.1touchpoint.com).

jermaine warren nf1“GE Antares’ expertise, reliability and hands-on approach makes them an ideal financing partner,” said Jermaine Warren, a Principal at ICV Partners. “We look forward to continuing our financing relationship.”

ICV Partners invests in family-owned and closely-held businesses as well as corporate divestitures with revenues from $25 million to $250 million and EBITDAs from $5 million to $30 million. The firm has $850 million in capital under management. ICV Partners was founded in 1998 and has offices in New York and Atlanta (www.icvpartners.com).

“OneTouchPoint has been a GE Antares borrower since 2011. In addition, we have, through our Access GE team, worked with the company’s sales leadership to help them further develop their customer relationships and uncover new needs. We’re thrilled to have this latest financing opportunity with the company and its new private equity owner, ICV Partners, to support OneTouchPoint’s continued growth and development,” said Gina Provenzale, a senior vice president of GE Antares.

GE Antares is a unit of GE Capital with offices in Atlanta, Chicago, Los Angeles, New York, and San Francisco. Specializing in the middle market, GE Antares is a “one-stop” source for GE’s lending and other services to middle market private equity sponsors (www.geantares.com).

2014 PEPD • Private Equity’s Leading News Magazine • 9-16-14

Monroe Backs Buy of Robert Marc Eyewear

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monroe nf4Monroe Capital was the sole lead arranger and administrative agent on a $47 million unitranche financing to support the acquisition of Robert Marc Eyewear by Luxury Optical Holdings, a portfolio company of aPriori Capital and Goode Capital Partners.

Robert Marc Eyewear has distribution in more than 20 countries with 500 points of sale worldwide.  The company operates eight Robert Marc retail stores in New York City, and is the exclusive North American distributor for Lunor, a prestigious German luxury eyewear brand. (www.robertmarc.com).

Luxury Optical Holdings (LOH) is a retailer of luxury eyewear with specialty boutiques in markets across the United States. LOH’s retail concepts include Optica, Scene, Morgenthal Frederics, Devante and AuCourant.  LOH boutiques offer optical frames and sunglasses from several luxury brands in eyewear including Cartier, Chrome Hearts, Morgenthal Frederics, Prada, Gucci, Dior and other designer brands. The company is based in Las Vegas (www.loholdings.com).

With the acquisition of Robert Marc, LOH will operate 58 retail stores throughout the United States and its brands will have distribution in more than 20 countries throughout the world.

aPriori Capital invests between $20 million and $200 million in companies with enterprise values between $200 million and $2 billion.  Sectors of interest include energy, industrials, media, healthcare, financials, utilities, and telecommunications. The firm was formed in 1985 as DLJ Merchant Banking Partners and changed its name to aPriori Capital Partners in 2014 when it spun out as an independent firm from Credit Suisse. aPriori is headed by former DLJ Merchant Banking co-heads Colin Taylor and Susan Schnabel and is based in New York with additional offices in Los Angeles and London (no website found).

Goode Capital Partners invests from $10 million to $30 million of equity in consumer-oriented companies. The firm has a specific interest in consumer brands and services, retail, restaurants and direct marketing/selling.  Goode Capital Partners is based in New York (www.goodepartners.com).

Monroe Capital is a specialty finance company providing senior and junior debt and equity co-investments to middle-market companies.  The firm was founded in 2004 and maintains offices in Chicago, Atlanta, Boston, Charlotte, Dallas, Los Angeles, New York and San Francisco (www.monroecap.com).

2014 PEPD • Private Equity’s Leading News Magazine • 9-16-14

Westshore Hires New VP

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westshore nf1Westshore Capital Partners, a private equity firm focused on small-market buyouts and recapitalizations, has hired Michael Sullivan as a new vice president.  Mr. Sullivan will be responsible for identifying new acquisitions and investments, managing capital markets activities, and portfolio management.

michael sullivan nf1Prior to joining Westshore Capital, Mr. Sullivan worked as an investment banker at Cross Keys Capital. Previously, he was a member of the corporate development and mergers & acquisitions group at Rockwell Collins, an aerospace & defense company.  His industry experience includes manufacturing, healthcare, software, entertainment, consumer and industrial products, and aerospace & defense.  Mr. Sullivan earned both his MBA and BBA degrees from the University of Iowa.

David Malizia nf1“Mike’s background perfectly matches the industry sectors in which we’re seeking owner-operated businesses: manufacturing, distribution, and service. His experience — particularly his expertise in acquisitions, diligence, and operations — will prove invaluable,” said Westshore Capital’s managing partner, David Malizia. “With Mike on board, we’ll be able expand into new areas and better grow the companies in our portfolio.”

Westshore Capital Partners invests in US and Canadian companies with revenues between $8 million and $40 million. Sectors of interest include manufacturing, distribution, and business services. The firm was founded in 2006 and is headquartered in Tampa (www.westshorecapitalpartners.com).

2014 PEPD • Private Equity’s Leading News Magazine • 9-16-14

Ridgemont Acquires Cook & Boardman

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cook and boardman nf1Ridgemont Equity Partners has completed a majority equity investment in The Cook & Boardman Group, a specialty distributor of commercial metal and wood doors and a portfolio company of Blue Point Capital Partners since 2008.

“We are truly excited to have the opportunity to continue to pursue our organic and acquisition growth strategies under Ridgemont’s ownership going forward,” said Chuck Hummel, CEO of Cook & Boardman. “We selected Ridgemont as the best private equity firm to assist us with our strategic direction and are excited about the next chapter in our firm’s history.”

The Cook & Boardman Group is a specialty distributor of commercial metal and wood doors, door frames, door hardware, and related products, including access control devices and specialty products. The company serves the non-residential construction market, including the education, municipal, healthcare, commercial, office, multi-family, and hospitality sectors.  Cook & Boardman is headquartered in Winston-Salem, NC, and operates twenty locations across eight states (www.cookandboardman.com).

rob edwards nf1“Our partnership has spent a number of years carefully evaluating investment opportunities in the building products industry, and we believe that Cook & Boardman represents an ideal platform for Ridgemont,” said Rob Edwards, Partner at Ridgemont. “Cook & Boardman fits our investment profile as the company is the clear market leader and provides value-added services in the commercial door distribution supply chain. We’re pleased to have the opportunity to partner with CEO Chuck Hummel and his team on Cook & Boardman’s next phase of growth.”

Ridgemont Equity Partners (formerly Banc of America Capital Investors) focuses on middle market buyout and growth equity investments of $25 million to $100 million. The firm invests in the following sectors: basic industries and services; energy; healthcare; and telecommunications/media/technology. Ridgemont Equity Partners is headquartered in Charlotte, NC (www.ridgemontep.com).

Piper Jaffray & Co. served as exclusive financial advisor to Cook & Boardman. Advisors for Ridgemont included K&L Gates and SunTrust Robinson Humphrey.

Debt financing partners for this transaction included GE Antares, Ally Corporate Finance, SunTrust Bank, PNC Bank and Triangle Capital.

2014 PEPD • Private Equity’s Leading News Magazine • 9-16-14

Pfingsten Exits Tropitone Furniture

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tropitone nf1Brown Jordan International, a portfolio company of Stonehill Capital Management, has acquired the outstanding equity interests of Tropitone Furniture Co. from Pfingsten Partners. Pfingsten Partners and co-investors HarbourVest Partners and DuPont Capital Management acquired Tropitone in October 2007.

Tropitone is a designer and manufacturer of upscale, casual outdoor furniture for the specialty retail and commercial markets. Products include chairs, chaise lounges, lounge seating, tables and umbrellas offered in a variety of styles, fabrics, and finishes. The company sells its products to commercial customers in the lodging, hospitality, cruise ship, and country club markets and to specialty retail merchants selling high end outdoor furniture to consumers. Tropitone is headquartered in Irvine, CA, and has additional facilities in Florida and Illinois (www.tropitone.com).

Brown Jordan International is a designer, manufacturer and marketer of home furnishings and contract furnishings, selling a range of products such as indoor and outdoor chairs, tables, sofas, and love seats for home and commercial use.  Company owned brands include Brown Jordan, Winston, Casual Living, Charter, Lodging by Liberty, Wabash and Winston Contract.  Brown Jordan is headquartered in St. Augustine, FL (www.bji.com).

“We have long admired Tropitone’s capabilities in the hospitality and specialty retail sectors and are excited for the opportunity to leverage the strengths of our complementary customer relationships, product lines, and production and sourcing capabilities,” said Gene Moriarty, Brown Jordan’s President and Chief Executive Officer.

“The transaction represents a new stage of Brown Jordan’s evolution, solidifying its position as a leading casual furniture provider while positioning the company for further growth,” said Wayne Teetsel, Brown Jordan Board member and representative of its largest shareholder, Stonehill Capital Management. “Gene Moriarty led Brown Jordan through the financial crisis and has positioned the company to capitalize on market opportunities, such as this transaction, while retaining flexibility to pursue additional M&A initiatives.”

Moelis & Company acted as exclusive financial advisor and debt placement agent to Brown Jordan and Proskauer Rose and Jenner & Block provided legal counsel.

Intrepid Investment Bankers acted as financial advisor to Tropitone and Paul Hastings provided legal counsel.

The transaction was financed by cash on hand as well as debt financing from AIG Investments and Bank of America Merrill Lynch.

2014 PEPD • Private Equity’s Leading News Magazine • 9-16-14

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