Comvest Partners has completed the acquisition of Old Time Pottery, a discount retailer of home décor products. The investment in Old Time Pottery was made through Comvest Investment Partners Fund IV.
Old Time Pottery is a discount retailer of home décor products including home accents, house & kitchenware, seasonal products, linens, and crafts. The company operates 33 store locations in 11 states throughout the Southeast and Midwest. Old Time Pottery was founded in 1986 by the Peterson family and is headquartered in Murfreesboro, TN (www.OldTimePottery.com).
“Old Time Pottery is a brand that resonates with the value-focused home décor customer. Management has built a unique concept, which offers an expansive array of home décor products at an attractive price point. We look forward to working with management to continue the company’s success,” said Tom Clark, Managing Director at Comvest Partners.
Comvest Partners provides debt and equity to middle-market companies. For debt investments the firm will invest from $2 million to $20 million per transaction in companies with $10 million to $200 million of revenue that have positive or negative EBITDA. For equity investments the firm will invest from $10 million to $50 million per transaction in companies with $15 million to $500 million of revenue that have positive or negative EBITDA. Since 2000, Comvest has invested more than $1.9 billion of capital in over 130 public and private companies. The firm is based in West Palm Beach (www.comvest.com).
“I am excited to partner with Comvest. The firm brings a depth of retail expertise and a growth-oriented perspective to assist Old Time Pottery in pursuing its full potential,” said Robert Sharp, President and CFO of Old Time Pottery.
Debt financing was provided by PNC Bank. Old Time Pottery was advised on the transaction by Harris Williams & Co. and Comvest was advised by Lazard Middle Market.
2014 PEPD • Private Equity’s Leading News Magazine • 10-29-14