Intrepid Investment Bankers, a mid-market investment bank, served as the exclusive financial advisor to Tropitone, a portfolio company of Pfingsten Partners, on its recent sale to Brown Jordan International (Pfingsten Exits Tropitone Furniture).
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).
“We were thrilled to be a part of this transaction that brings together two household names in the outdoor furniture industry,” said Gary Rabishaw, Managing Director at Intrepid. “Tropitone is a highly respected brand in the industry and represents another successful sale in the residential and commercial furnishings sector, which has long been an area of focus for our firm.”
Intrepid is a mergers and acquisitions and corporate finance advisory firm focused on the middle-market. Intrepid was founded in 2010 by the former principals of Barrington Associates. The firm’s services include M&A advisory, equity and debt capital raising and providing strategic advice in complex securities transactions. Intrepid focuses on the middle market corporate finance needs of entrepreneur and family-owned businesses, private equity sponsors and major corporations. Intrepid is based in Los Angeles (www.intrepidib.com).
“Pfingsten’s conservative capital structure and operational focus allowed us to come out of a tough economic environment as a stronger company, focused on continuous improvement and new product development,” said Cap Hendrix, Tropitone CEO. “The combination of Tropitone and Brown Jordan brings together leading brands in the industry with strengths that are entirely complementary to one another.”
2014 PEPD • Private Equity’s Leading News Magazine • 9-26-14