Philly's Mealey's bought by Dallas equity firm
Larry Thomas -- Furniture Today, February 11, 2007
Philadelphia — Mealey's Furniture and Mattress, which operates three stores and a clearance center in the Philadelphia area, has been acquired by a Dallas-based private equity firm.
The new owners, Parallel Investment Partners, said they plan to grow the business in metro Philadelphia, and already have identified several potential locations for new stores.
Brothers Dan and Kevin Mealey, who have run the company since the mid-1980s, are expected to remain in top management posts at the retailer.
"Together with the Mealey brothers and the management team, our goal is to build on Mealey's strong foundation and grow our core Philadelphia metropolitan market during the next several years," said Barron Fletcher, managing director of Parallel.
The retailer was founded in 1970 by Dan and Kevin's father, Jerry Mealey.
"We feel confident that our new relationship with Parallel will allow the company to execute on its long-term growth plans without compromising the dependability and quality of the Mealey's concept," said Dan Mealey.
The deal is Parallel's first venture in home furnishings, although it has made investments in retailers, including Hat World and Dollar Tree.
The firm, which says it specializes in privately held, lower-middle-market growth companies, currently has about a dozen companies in its portfolio and manages approximately $400 million in institutional capital.
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