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.”
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About Intrepid Investment Bankers
Intrepid Investment Bankers provides M&A, capital raising and strategic advisory services to entrepreneurs and middle-market companies in various industry sectors. Our heritage, rooted in our founders’ successful 35-year history, breeds a culture that embraces teamwork, tenacity and creativity to win big for our clients. We believe that every company has an entrepreneurial passion that drives it and a story that defines it. Our team delivers results through skillful positioning of the client’s story and relentless execution. Based in Los Angeles, Intrepid augments its international capabilities through active membership in M&A International, an exclusive global alliance of M&A advisory firms.