Private equity firm gets Blue Bell stake
February 3, 2014-- Furniture Today,
HARTFORD, Conn. — An affiliate of Longroad Asset Management, a private equity firm, has acquired a majority interest in King Koil licensee Blue Bell Mattress Co., based here.
Blue Bell will continue to be managed by Mark Kolovson, CEO, and Steven Byer, COO, both of whom will hold "a significant stake" in the company, officials said.
"We are excited to have Longroad as our new partner as we embark on our next stage of growth," said Kolovson. "Their experience working with middle market companies to source add-on companies and expand markets will be an asset as we continue to build our business."
Added Dave Roberts, King Koil president: "Blue Bell Mattress Co. is one of King Koil's most longstanding licensees and through the successful efforts of Mark Kolovson and Steve Byer, it has been our largest licensee for many years. We've enjoyed a great partnership with Blue Bell and are very excited that the company will continue on as a King Koil licensee."
Blue Bell sells both King Koil and private label innerspring and hybrid mattresses to bedding and furniture retailers in the Northeast and mid-Atlantic states, serving more than 1,300 store locations.
"We were attracted to Blue Bell based on its reputation as an exceptional supplier due to its superior quality and operational efficiency to meet quick turn and high volume demand with its customers," said Anne Whitman, managing director of Longwood.
"We could not ask for a better scenario than having Longroad invest in our business," said Byer. "Longroad's expertise will provide Blue Bell with the necessary resources and capital to expand and improve our operations."
"Longroad not only has great business insights but tremendous foresight with respect to the mattress industry," noted Roberts. "We're very enthused about Longroad's involvement and the opportunities that exist to take Blue Bell to another level."
Longroad Asset Management LLC, headquartered in Stamford, Conn., is a private equity firm founded in 2001 with more than $500 million in committed capital. It makes controlling investments in middle market companies in the U.S. and Canada, officials said.
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