Brown Jordan International, a manufacturer of indoor and outdoor furniture and a portfolio company of Littlejohn & Co. since February 2017, has acquired Castelle Furniture, a manufacturer and marketer of aluminum outdoor furniture.
Brown Jordan International (BJI) operates five divisions – Brown Jordan, Tropitone, Charter, Texacraft and Winston – that collectively sell a complete line of indoor and outdoor furnishings primarily for use in residential, hospitality, leisure, corporate, restaurant and other commercial environments. BJI, headquartered in St. Augustine, FL (south of Jacksonville), was founded in 1945 and today has approximately $300 million of annual sales (www.bji.com).
The combination of BJI and Castelle Furniture will be headquartered in St. Augustine, FL, with manufacturing and design operations in four US states, Mexico and Costa Rica. It was reported that the combined companies will have annual revenue of approximately $400 million.
“We have long admired Castelle and are excited to leverage the strengths of the combined platform to better serve our customers,” said Gene Moriarty, president and CEO of Brown Jordan. “Castelle’s superior design capabilities, high service levels, and strong market position within the consumer channel are highly complementary to Brown Jordan and further strengthens our value proposition.”
Littlejohn makes control and non-control investments in middle-market companies that are undergoing a fundamental change in capital structure, strategy, operations or growth. The firm invests from $50 million to $150 million of equity in middle-market companies that have annual revenues of $100 million to $800 million. Littlejohn invests across a range of industries and acquires manufacturers, distributors, and service providers. The firm is headquartered in Greenwich, CT (www.littlejohnllc.com).
In November 2018, Littlejohn held a final closing of Littlejohn Fund VI LP with $2.8 billion of committed capital, exceeding the fund’s target of $2.5 billion. The firm’s previous fund, Littlejohn Fund V LP, with $2.0 billion of committed capital, had a final close in July 2014.
Castelle Furniture is headquartered in Ft. Lauderdale (www.castelleluxury.com).
© 2019 Private Equity Professional | May 22, 2019