M&A Deal Summary

Brown Jordan Acquires Tropitone Furniture

On September 15, 2014, Brown Jordan acquired furniture company Tropitone Furniture from Pfingsten Partners and HarbourVest Partners

Acquisition Highlights
  • This is Brown Jordan’s 1st transaction in the Furniture sector.
  • This is Brown Jordan’s 1st transaction in the United States.
  • This is Brown Jordan’s 1st transaction in California.

M&A Deal Summary

Date 2014-09-15
Target Tropitone Furniture
Sector Furniture
Buyer(s) Brown Jordan
Sellers(s) Pfingsten Partners
HarbourVest Partners
Deal Type Add-on Acquisition
Advisor(s) Intrepid Investment Bankers (Financial)
Paul Hastings (Legal)

Target

Tropitone Furniture

Irvine, California, United States
Tropitone Furniture Company, Inc. designs and manufactures indoor and outdoor casual furniture. The company offers extruded and cast aluminum patio and pool furniture, aluminum or wood market umbrellas, patio umbrellas, outdoor bar stools, chaise lounges, patio chairs, outdoor dining chairs, and outdoor furniture sets.

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Buyer(S) 1

Buyer

Brown Jordan

St. Augustine, Florida, United States

Category Company
Founded 1994
Sector Furniture
Employees1,460
DESCRIPTION

Brown Jordan is a designer, manufacturer and marketer of quality home furnishings and contract furnishings, selling a full range of products. Brown Jordan International offers innovative designs, superior quality, efficient production methods and a strong portfolio of recognized brands including Brown Jordan, Winston, Casual Living Worldwide, Charter, Tropitone and Texacraft. Brown Jordan is based in St. Augustine, Florida.


DEAL STATS #
Overall 1 of 3
Sector (Furniture) 1 of 2
Type (Add-on Acquisition) 1 of 2
State (California) 1 of 1
Country (United States) 1 of 3
Year (2014) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-21 Castelle Furniture

Fort Lauderdale, Florida, United States

Castelle Furniture is a manufacturer and marketer of high-quality, artisan-influenced aluminum outdoor furniture. Castelle Furniture is based in Fort Lauderdale, Florida.

Buy -

Seller(S) 2

SELLER

Pfingsten Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 1.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION
Pfingsten's office building at 300 North LaSalle in Chicago.
Pfingsten's office building at 300 North LaSalle in Chicago.

Pfingsten Partners is a private equity firm focused on investments in niche manufacturing, distribution, and business services companies. The Firm targets platform companies headquartered in the US although add-on acquisitions can be located outside the US. Prospective companies typically have revenues of $20 to $150 million and EBITDA of $3 to $12 million. Transaction types include private companies undergoing an ownership transition, corporate divestitures, strategic add-ons, and turnarounds. Pfingsten only invests in situations allowing for control. Pfingsten will not invest in real estate, natural resources, highly regulated businesses, retail, restaurants, early-stage companies, or technology. Pfingsten Partners was formed in 1989 and is based in Chicago, Illinois.


DEAL STATS #
Overall 20 of 40
Sector (Furniture) 1 of 1
Type (Add-on Acquisition) 10 of 16
State (California) 1 of 2
Country (United States) 20 of 40
Year (2014) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-29 ZSi-Foster

Canton, Michigan, United States

ZSi-Foster is a producer of quick detachable couplers, hose fittings, blowguns, and related accessories for use with various gasses and liquids. The most common applications for our products are for compressed air, hydraulic oil, and water. ZSi-Foster was established in 1979 and is based in Canton, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-01-08 Burton Mill Solutions

Woodland, Washington, United States

Burton Mill Solutions is a manufacturer and distributor of consumable products and equipment to saw mills and wood product manufacturers. Burton Mill Solutions was established in 1903 and is based in Woodland, Washington.

Buy -
SELLER

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 86.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


DEAL STATS #
Overall 52 of 134
Sector (Furniture) 1 of 1
Type (Add-on Acquisition) 18 of 58
State (California) 5 of 9
Country (United States) 31 of 85
Year (2014) 8 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-08-13 SEPATON

Marlborough, Massachusetts, United States

SEPATON is changing the rules of data protection with innovative virtual tape library (VTL) products that deliver the speed, scalability and simplicity of disk-based backup for less than the cost of physical tape.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-01 Wayfair

Boston, Massachusetts, United States

Wayfair is an online home goods retailers focused on hard-line specialty categories, such as furniture, home improvement, housewares and office. Wayfair was established in 2002 and is based in Boston, Massachusetts.

Sell -