Four Hands management acquires majority stake in company
Jay McIntosh -- Furniture Today, November 6, 2013
AUSTIN, Texas — Four Hands CEO Matt Briggs has led a management buyout of case goods and upholstery resource Four Hands from Kayne Anderson Capital Advisors, a private equity partner.
The deal gives Briggs and members of his executive team a majority ownership stake in the company, while company founder Brett Hatton and Kayne Capital will have a minority stake.
Officials did not disclose terms of the recently completed deal. Nor did they disclose the names of other members of the executive team that now have ownership in the company.
Kayne Anderson Capital Advisors was founded in 1984 and manages about $24 billion in assets. It has been involved with Four Hands since around 2006.
"The team at Kayne Capital has been exceptional to work with over the past seven years," Briggs said in a statement. "They have enabled us to make key decisions and execute a solid business strategy that has led to the tremendous growth and momentum we have achieved."
The company did not disclose its sales, but said the business has grown 250% in the past five years.
Briggs added that the ownership change will not result in any major strategic changes at the company, which produces case goods made with reclaimed and sustainable materials.
"While this deal will be remembered as a notable milestone in the history of Four Hands, it will not serve as a catalyst for any significant change in the direction we've been heading," Briggs said. "Simply stated, it puts our team in charge of our own destiny."
"We have enjoyed working with Matt and the Four Hands management team - they have been superb partners," said Doyle Burkett, a partner at Kayne Anderson. "They've done an impressive job of expanding the business, and we believe further opportunities remain. Consequently, we are excited to continue our partnership as they lay the path for the company's future."
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