Brown Jordan International buys Tropitone Furniture

Creates $400 million company focused on casual, outdoor

ST. AUGUSTINE, Fla. — Brown Jordan International today announced that it has acquired the outstanding equity interests of fellow casual and outdoor furniture producer Tropitone Furniture, creating a company with net sales of nearly $400 million.

The combined company, which sells to the retail and hospitality markets, will be headquartered here and will have manufacturing, design and administrative operations in six U.S. states as well as in Juarez, Mexico.

“We have long admired Tropitone’s capabilities in the hospitality and specialty retail sectors and are excited for the opportunity to leverage the strengths of our complementary customer relationships, product lines, and production and sourcing capabilities,” said Gene Moriarty, Brown Jordan’s president and CEO.  

Cap Hendrix, Tropitone CEO, added, “The combination of Tropitone and Brown Jordan brings together the two industry leaders with strengths that are entirely complementary to one another. Under Gene Moriarty, the combination creates the foundation of a brilliant future for both companies.”

“The transaction represents a new stage of Brown Jordan’s evolution, solidifying its position as a leading casual furniture provider while positioning the company for further growth,” said Wayne Teetsel, Brown Jordan Board member and representative of its largest shareholder, Stonehill Capital Management. “Gene Moriarty led Brown Jordan through the financial crisis and has positioned the company to capitalize on market opportunities, such as this transaction, while retaining flexibility to pursue additional M&A initiatives.”

Board member Jason Breaux, representative of major shareholder Crescent Capital Group, added “Brown Jordan’s board and investors are committed to supporting the company and its management team for the long term and see significant upside from this transaction and future opportunities.”

The transaction marks a year of celebration for both companies, as Brown Jordan’s flagship brand prepares for its 70th anniversary and Tropitone has been in business 60 years. Both companies will be presenting their 2015 lines at the International Casual Furnishings Assn. Casual Market at the Merchandise Mart in Chicago, which runs Tuesday through Friday.

Moelis & Company acted as exclusive financial advisor and debt placement agent to Brown Jordan and Proskauer Rose and Jenner & Block provided legal counsel. The transaction was financed by cash on hand as well as debt financing from AIG Investments and Bank of America Merrill Lynch.

Prior to the transaction, Tropitone was owned by a group of investors led by Pfingsten Partners. Intrepid Investment Bankers acted as financial advisor to Tropitone and Paul Hastings provided legal counsel.

Brown Jordan International now has a portfolio of companies serving the indoor and outdoor furniture industry under its own brands (including Brown Jordan, Tropitone, Winston, Texacraft, Charter, Wabash Valley and Urbanscape), licensed brands (including La-Z-Boy Outdoor) and customer brands.  

 

Furniture Today Staff | Staff Editors

Furniture Today covers all the news concerning manufacturers, retailers and suppliers in the home furnishings sector.

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