Secondary Buyout • Furniture

Crescent Capital Group Acquires Brown Jordan

On January 1, 2001, mezzanine finance firm Crescent Capital Group acquired furniture company Brown Jordan from Trivest Partners for 100M USD

Acquisition Context
  • This is Crescent Capital Group’s 1st transaction in the Furniture sector.
  • This is Crescent Capital Group’s 15th largest (disclosed) transaction.
  • This is Crescent Capital Group’s 13th transaction in the United States.
  • This is Crescent Capital Group’s 1st transaction in Florida.
Investment Fate
  • Brown Jordan was sold to a consortium of financial buyers in 2016.

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M&A Deal Summary

Date January 1, 2001
Target Brown Jordan
Sector Furniture
Buyer(s) Crescent Capital Group
Sellers(s) Trivest Partners
Deal Type Secondary Buyout
Deal Value 100M USD

Target Company

Brown Jordan

St. Augustine, Florida, United States
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.
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Buyer Overview 1

Buyer

Crescent Capital Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1991
PE ASSETS 48.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Crescent Capital is a provider of debt securities to middle-market companies. Crescent looks to issue senior bank loans, high yield bonds, mezzanine debt and distressed debt to fund a variety of needs. The FIrm's direct lending group looks to provide $10 to $30 million to sponsor-backed companies that generate $5 to $40 million of EBITDA. Crescent's mezzanine practice typically provides junior capital to support buyouts, recapitalizations, and refinancings. Crescent Capital was formed in 1991 and was originally known as TCW/Crescent Mezzanine. The Firm has offices in Los Angeles, Boston, New York, and London.


Deal Context for Buyer #
Overall 13 of 67
Sector: Furniture 1 of 1
Type: Secondary Buyout 2 of 25
State: Florida 1 of 5
Country: United States 13 of 54
Year: 2001 1 of 3
Size (of disclosed) 15 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-11-01 TravelCenters of America

Westlake, Ohio, United States

TravelCenters of America is a full-service travel center network operating TA, Petro Stopping Centers, and TA Express brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, full-service and quick-service restaurants, travel stores, car and truck parking and other services dedicated to providing great experiences for its guests. TA is committed to sustainability, with its specialized business unit, eTA, focused on sustainable energy options for professional drivers and motorists. It operates over 600 full-service and quick-service restaurants and nine proprietary brands, including Iron Skillet and Country Pride. TravelCenters of America was founded in 1972 and is based in Westlake, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-01-24 CII Technologies

Asheville, North Carolina, United States

CII Technologies, Inc., is a manufacturer of high performance electromechanical relays.

Sell -

Seller Profile 1

SELLER

Trivest Partners

Coral Gables, Florida, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 6.1B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Trivest's corporate headquarters in Coral Gables, Florida.
Trivest's corporate headquarters in Coral Gables, Florida.

Trivest is a private equity firm that invests in North American middle-market corporate acquisitions, recapitalizations, and growth capital financings. For platform investments, sectors of interest include niche manufacturing, value-added distribution, business services, and consumer products/services. The Firm seeks businesses with at least $4 million of EBITDA and valued between $20 and $250 million. Trivest prefers control-based situations but will also consider minority or co-investment opportunities. For add-on opportunities, Trivest will consider companies globally with valuations starting at $1 million. Trivest Partners was formed in 1981 and is based in Coral Gables, Florida.


Deal Context for Seller #
Overall 3 of 46
Sector: Furniture 1 of 2
Type: Secondary Buyout 2 of 22
State: Florida 1 of 10
Country: United States 3 of 42
Year: 2001 1 of 1
Size (of disclosed) 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2000-04-01 The PendaForm Co.

Portage, Wisconsin, United States

The PendaForm Co. is a heavy gauge thermoformer in North America supplying automotive, industrial and consumer markets with diversified products including automotive and heavy truck components, pickup truck accessories, custom designed packaging solutions, as well as erosion control, irrigation and large surface containment solution for drilling sites. The PendaForm Co. is based in Portage, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-01-04 Superior International Industries

Carrollton, Georgia, United States

Superior and its subsidiaries manufacture and distribute indoor and outdoor commercial playgrounds, shelters, shade products, water slides and other site amenities sold under more than 15 brand names. The company’s products are used in parks, schools, churches, resorts, hotels, airports and restaurants.

Buy -