Alan White sells stake to equity fund
Susan M. Andrews -- Furniture Today, November 4, 2002
Stamps, Ark. — Looking for growth opportunities, upholstery producer Alan White has sold an interest in the company to Thompson Street Capital Partners, a private equity fund in St. Louis.
Management of the family-led company, including Doug White, chief executive officer, will continue in their present roles and maintain a significant stake in the ownership. White declined to say whether Thompson Street's acquisition represents a majority interest in the company.
"Although we were not actively seeking someone to partner with when we were introduced to Thompson Street, we believe a unique opportunity presented itself," White said.
"The partnership allows management to recognize some liquidity, maintain significant ownership and improve the company's performance. We truly believe this new relationship is in the best interest of our customers, our employees and the Alan White shareholders," he said.
Founded here in 1954, Alan White produces stationary upholstery in the mid- to upper-middle price point range, focusing on $599 to $999.
Thompson Street invests in mid-market companies with sales in the range of $50 million to $250 million. Current investments include retail packaging and high-end disposable tableware. Alan White represents the company's first foray into furniture.
Mann, Armistead & Epperson of Richmond, Va., served as financial advisor to Alan White shareholders.
