Sun Capital affiliate acquires importer Powell
Terms not disclosed; current management remains in place
By Furniture Today Staff -- Furniture Today, January 18, 2007
CULVER CITY, Calif. — A Sun Capital Partners affiliate has acquired accent furniture, occasional and case goods importer L. Powell Co.
Terms weren’t disclosed. Current management remains in place at Powell, including Bill Benton as president and CEO.
“This transaction is a great opportunity for our company as well as its employees, suppliers and valued customers,” said Benton. “The financial sponsorship of Sun Capital Partners and its affiliates will allow us to continue to grow the company at an aggressive pace while extending our value proposition and our consistent reputation for superlative customer service.”
Benton also thanked longtime Powell executive Rick Powell and his father, Larry, for their “insight and diligence in building this wonderful company.”
Powell is the latest addition to a diverse furniture industry portfolio owned by Boca Raton, Fla.-based Sun Capital Partners and its affiliates, including manufacturer Lexington Home Brands and retailers Mattress Firm, Nationwide Furniture and Wickes. A Sun Capital affiliate also is bidding for upholstery manufacturer Rowe Cos.
Jason Neimark, managing director of Sun Capital Partners, said the investment firm looks forward to helping support Powell’s growth.
“Under the leadership of Bill Benton, Powell has made impressive efforts to augment and improve its product diversification, speed to market, sales and marketing programs and customer service,” Neimark said.
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