Buyout (LBO, MBO, MBI) • Furniture

Convergent Capital Partners Acquires Versare Solutions

On August 1, 2015, growth capital firm Convergent Capital Partners acquired furniture company Versare Solutions

Acquisition Context
  • This is Convergent Capital Partners’ 1st transaction in the Furniture sector.
  • This is Convergent Capital Partners’ 57th transaction in the United States.
  • This is Convergent Capital Partners’ 12th transaction in Minnesota.
Investment Fate
  • Versare Solutions was sold to a consortium of financial buyers in 2019.

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M&A Deal Summary

Date August 1, 2015
Target Versare Solutions
Sector Furniture
Buyer(s) Convergent Capital Partners
Deal Type Buyout (LBO, MBO, MBI)

Target Company

Versare Solutions

Minneapolis, Minnesota, United States
Versare Solutions a manufacturer and e-commerce-based marketer of branded space efficiency and acoustical products. The company offers portable room partitions, privacy screens, workstations, and sound dampening products for use in a wide variety of applications and settings including schools, religious organizations, and healthcare facilities. Its branded products are manufactured at its Minneapolis headquarters and customizable to suit the needs of a highly diverse customer base. Versare Solutions was founded in 2006 and is based in Minneapolis, Minnesota.
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Buyer Overview 1

DESCRIPTION

Convergent Capital is a private investment firm that provides growth and debenture financing to late-stage growth companies. Convergent prefers to commit $3 to $12 million per transaction in businesses with at least $10 million in revenues. Convergent is a generalist investor and will consider businesses in a wide range of industries. Investment funds are typically used to assist growth, but the firm can also structure investments around buyouts, recapitalizations, consolidations, and add-on acquisitions. Convergent is licensed as a SBIC. Convergent Capital was formed in 1999 and is based in Minneapolis, Minnesota.


Deal Context for Buyer #
Overall 57 of 62
Sector: Furniture 1 of 1
Type: Buyout (LBO, MBO, MBI) 24 of 25
State: Minnesota 12 of 12
Country: United States 57 of 62
Year: 2015 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-01 Nutiva

Richmond, California, United States

Nutiva is a manufacturer and distributor of organic superfoods with products including hemp, coconut, chia, and red palm. Nutiva was founded in 1999 and is based in Richmond, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-01 ERP Power

Westlake Village, California, United States

ERP Power is a designer and manufacturer of energy-efficient LED driver power electronics for commercial and industrial applications. ERP Power was founded in 2004 and is based in Westlake Village, California.

Sell -