M&A Deal Summary

Yixing Capital Acquires Lexington Home Brands

On January 9, 2017, private equity firm Yixing Capital acquired furniture company Lexington Home Brands from Sun Capital Partners and York Street Capital Partners

Acquisition Highlights
  • This is Yixing Capital’s 1st transaction in the Furniture sector.
  • This is Yixing Capital’s 1st transaction in the United States.
  • This is Yixing Capital’s 1st transaction in North Carolina.

M&A Deal Summary

Date 2017-01-09
Target Lexington Home Brands
Sector Furniture
Buyer(s) Yixing Capital
Sellers(s) Sun Capital Partners
York Street Capital Partners
Deal Type Secondary Buyout

Target

Lexington Home Brands

Thomasville, North Carolina, United States
Lexington Home Brands is a manufacturer and marketer of residential and contract furnishings and a recognized industry leader in innovative design and lifestyle marketing. The company’s product line encompasses a broad range of medium and upper-end casegoods and upholstered furniture, with highly recognized brand names that include Lexington(r), Tommy Bahama Home(r), Tommy Bahama Outdoor Living(r), Sligh(r), and Henry Link Trading Co.(r) Products are distributed through home furnishings retailers, independent design professionals, design firms, and to-the-trade showrooms. The Company was formed in 1903 and is based in Thomasville, North Carolina.

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Buyer(S) 1

DESCRIPTION

Yixing Capital is a private equity firm focused on cross-border transactions in the consumer services, financial technology, and autonomous vehicle technology sectors. The Firm has a particular interest in companies looking to expand into the Chinese market. Yixing Capital has offices in Singapore, Shanghai and Hong Kong.


DEAL STATS #
Overall 1 of 1
Sector (Furniture) 1 of 1
Type (Secondary Buyout) 1 of 1
State (North Carolina) 1 of 1
Country (United States) 1 of 1
Year (2017) 1 of 1

Seller(S) 2

SELLER

Sun Capital Partners

Boca Raton, Florida, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1995
PE ASSETS 13.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Sun Capital's corporate headquarters in Boca Raton, Florida.
Sun Capital's corporate headquarters in Boca Raton, Florida.

Sun Capital Partners is a large private equity firm focused on leveraged buyouts, equity, debt, and other control investments in North America, Asia, and Europe. Sun looks for businesses that can benefit from the Firm's operating experience including underperformers, turnarounds, and special situations. Target companies typically have $50 million to $1 billion in revenue with strong market positions. Sectors of interest include paper and packaging, food and beverages, metals and mining, automotive after-market parts, consumer products, financial services, healthcare, media and communications, building products, telecommunications, technology, retailing and catalogs, restaurants, manufacturing and industrial. Sun Capital was formed in 1995 and is based in Boca Raton, Florida.


DEAL STATS #
Overall 86 of 128
Sector (Furniture) 2 of 4
Type (Secondary Buyout) 20 of 33
State (North Carolina) 3 of 4
Country (United States) 64 of 89
Year (2017) 2 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-04 BWGS Full Spectrum Distribution

Bloomington, Indiana, United States

BWGS is a wholesaler of indoor, hydroponic and organic horticultural supplies in the United States. The Company provides a single-source solution to over 1,100 active retail customers with both prominent national brands and its own private label offering of more than 4,400 SKUs. The Company has a history of strong organic growth, with a double-digit CAGR over the past three years.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-17 Limited Stores

Columbus, Ohio, United States

Limited Stores is a specialty retailer offering upscale branded women's contemporary American casual and working apparel in 229 stores throughout the U.S. Garments for this iconic brand target an audience between 25 and 45 and include shirts/tops, pants, denim, jackets, sweaters, skirts, dresses, and accessories. Limited Stores was founded in 1963 and is based in Columbus, Ohio.

Sell -
SELLER

York Street Capital Partners

Bedminster, New Jersey, United States

Investor


Category Mezzanine Finance Firm
Founded 2002
PE ASSETS 559M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

York Street Capital Partners is an investment firm focused on providing mezzanine and equity capital to private equity sponsors. York Street looks to fund acquisitions, buyouts, growth capital, and recapitalizations of middle-market companies. Target sectors include consumer products and services, business services, manufacturing and industrial, aerospace, retail, restaurants, healthcare, transportation and logistics, food, and agriculture. York Street Capital Partners was formed in 2002 and is based in Bedminster, New Jersey.


DEAL STATS #
Overall 15 of 17
Sector (Furniture) 1 of 1
Type (Secondary Buyout) 7 of 8
State (North Carolina) 1 of 1
Country (United States) 13 of 15
Year (2017) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-17 Performance Bicycle

Chico, California, United States

Performance Bicycle is an independent bicycle dealer and direct marketer of bicycles and cycling accessories in the United States. Performance Bicycle is based in Chico, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-15 Motorsport Aftermarket Group

Coppell, Texas, United States

Motorsport Aftermarket Group (MAG) is a large distributor and manufacturer of branded aftermarket products for the powersports industry in North America. MAG provides dealers, e-commerce sites and their enthusiast end-users with parts, accessories and apparel for motorcycles, ATVs and UTVs. The Company’s brands include Vance & Hines, Kuryakyn, Performance Machine, QuadBoss, DragonFire and ProTaper. Motorsport Aftermarket Group was formed in 2000 and is based in Coppell, Texas.

Sell $300M