Sun Capital acquires Powell
By Jay McIntosh -- Furniture Today, February 5, 2007
Culver City, Calif. — A Sun Capital Partners affiliate has acquired occasional, case goods and accent furniture importer L. Powell Co.
Terms weren't disclosed. Powell had been owned mainly by another private investment firm, New York-based Windward Capital Partners II, with management and the Powell family holding smaller stakes.
Current management remains in place, 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."
Rick Powell has stepped down as board chairman.
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.
Benton said Powell will be managed independently from the other Sun Capital holdings.
Jason Neimark, managing director of Sun Capital Partners, said the investment firm will help 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.
