Tropitone making progress in search
Staff -- Casual Living, 9/1/2007 12:00:00 AM
Tropitone Furniture is making significant progress in its plan to join with an institutional investor, the company reported in late August.
"We are pleased with the progress we've made in searching for the right financial partner for Tropitone, and the company has attracted substantial interest from the private equity community," said Michael Echolds, Tropitone's chief executive officer. "Based on the discussions we have had thus far, we are confident we will establish a relationship with a premier institutional investor committed to helping us grow our business."
In June, Tropitone announced it engaged Chicago-based Lincoln International as its financial adviser to seek an institutional investor to provide the company with access to expanded financial resources to accelerate future growth plans. Tropitone's revenue and earnings have grown sequentially each year for the past five years.
"With the continued strength of Tropitone's position in both the retail and hospitality markets, the company sees many exciting opportunities for future growth in what has become an increasingly global and competitive marketplace," Echolds said.
Tropitone was founded more than 50 years ago by the Baker family, and Doug Baker, along with Angella Baker, has been the principal shareholder since 1992. Echolds anticipates continuing in his role as CEO with the current management team when the new investor is in place, and he expects to remain a significant shareholder in the company as well.
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