Brown Jordan Acquires Tropitone
On September 15, 2014, In Industry News by Greg Thompson
ST. AUGUSTINE, FL - Brown Jordan International Inc has acquired the outstanding equity interests of Tropitone Furniture Co Inc. The transaction combines leading providers of outdoor casual furniture to the retail and hospitality markets into a company generating consolidated net sales of nearly $400 million. The combined company will be headquartered in St. Augustine, Fla, and will maintain manufacturing, design and administrative operations in six states in the US, 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 enjoys 60 years in business. Both companies will be presenting their 2015 lines at the International Casual Furnishings Association Casual Market at the Merchandise Mart in Chicago from September 16th to September 19th, 2014.
