Fort Point Capital has acquired a majority equity interest in Sullivan, a designer and distributor of home décor products to specialty retailers. Sullivans is Fort Point’s fifth platform investment for FPC Small Cap Fund I, a $93 million fund raised in 2012.
Fort Point Capital acquired Sullivans in partnership with Mark Miller and Fred Behziz, long-standing executives in the consumer products and specialty retail space. Mr. Miller and Mr. Behziz will replace Mr. Bill Sullivan, the company’s president, who is retiring after 25 years of service. The other members of Sullivans’ senior management team will continue on in their respective roles and are also investing in the transaction.
“We look forward to working with the management team at this exciting time,” said Christina Pai, principal at Fort Point Capital. “Sullivans is an outstanding company that is in front of significant opportunity to broaden its customer base and product lines.”
Sullivan is a designer and distributor of seasonal and all-occasion home décor products to specialty retailers. Sullivans was founded in 1968 and has been owned and run by the Sullivan family since inception. The company is based in Sioux Falls, SD (www.sullivangift.com).
“I have worked with Fort Point Capital for two years to find the optimal platform in the consumer distribution space and appreciate their partnership and the opportunity they found for me to execute on our shared vision,” said Mr. Miller.
Fort Point Capital invests from $5 million to $25 million in service-oriented, lower middle market companies across a range of sectors, including business services, healthcare, consumer, and software and information. Fort Point Capital is currently investing from FPC Small Cap Fund I. The firm is based in Boston (www.fortpointcapital.com).
“My team and I were searching for a partner who would bring a leadership solution, as well as provide the strategic and financial resources for the company’s continued growth. We believe Fort Point is precisely the right partner to guide the company going forward and build upon my family’s 46 year legacy,” said Bill Sullivan, president of Sullivans.
2014 PEPD • Private Equity’s Leading News Magazine • 10-9-14