Acquisition Creates a $400 Million Company Focused on Casual Outdoor Furniture
Intrepid today announced the acquisition of its client Tropitone Furniture Co., Inc. (Tropitone), a designer and manufacturer of upscale, casual outdoor furniture, by Brown Jordan International, Inc. (Brown Jordan), which owns and operates a leading portfolio of companies serving the indoor and outdoor furniture industry. Intrepid served as Tropitone’s exclusive financial advisor. The transaction closed on September 15, 2014.
Irvine, Calif.-based Tropitone sells outdoor tables, lounge chairs, umbrellas and modular furniture to leading global hospitality companies and specialty retailers across the United States. Prior to the transaction, Tropitone was owned by a group of investors led by Pfingsten, a Chicago, Ill.-based private equity firm.
“Pfingsten's conservative capital structure and operational focus allowed us to come out of a tough economic environment as a stronger company, focused on continuous improvement and new product development," said Cap Hendrix, Tropitone CEO. "The combination of Tropitone and Brown Jordan brings together leading brands in the industry with strengths that are entirely complementary to one another."
“We were thrilled to be a part of this transaction that brings together two household names in the outdoor furniture industry,” said Gary Rabishaw, Managing Director at Intrepid. “Tropitone is a highly respected brand in the industry and represents another successful sale in the residential and commercial furnishings sector, which has long been an area of focus for our firm.”