Monroe Capital has provided a subordinated debt facility to Mud Pie, LLC to enable the company to repurchase the equity of the company owned by Lineage Capital. With the closing of this transaction, the equity of Mud Pie is now 100% owned by the founding Miller family. Lineage Capital acquired its non-control equity position in Mud Pie in April 2010.
Mud Pie is a designer and manufacturer of giftware and decorative accessories. The company is comprised of 3 divisions – Mud Pie Baby, Mud Pie Living and Mud Pie Fashion – and its products are sold into the home, babies and toddlers, seasonal and holiday gifts, and fashion markets. Approximately 13,000 specialty retailers and department stores carry Mud Pie products which are also sold directly to consumers through the company’s website. Mud Pie is headquartered east of Atlanta in Stone Mountain, GA and was founded in 1988 by its current CEO Marcia Miller (www.mud-pie.com).
In addition to being used to repurchase the equity stake from Lineage Capital, the Monroe Capital facility has additional availability to provide the resources to continue the growth of the Mud Pie brand. For the past three years, Mud Pie was named as one of Georgia’s Fastest Growing Middle Market Companies by Georgia Trend magazine. In 2011, Business to Business magazine selected Mud Pie as a “Top 300 Small Business of the South” and Mud Pie was named a “2012 Bulldog 100: Fastest Growing Bulldog Businesses” by the University of Georgia Alumni Association.
Monroe Capital provides 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).
2015 PEPD • Private Equity’s Leading News Magazine • 5-14-15