Brown 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
