Sure Fit Inc. sold to Guardian Capital Partners
-- Home Textiles Today, 1/5/2010 10:46:00 AM
New York – Ready-made slipcover and accessories supplier Sure Fit Inc. has been acquired by private equity firm Guardian Capital Partners (GCP).
The terms were not disclosed.
GCP is based in Philadelphia and invests in middle market manufacturing and service companies with revenues between $15 million and $75 million.
Sure Fit was previously sold in 2004 to DE Shaw Group affiliates for $16.5 million in cash and the assumption of $4 million in operating liabilities.
“We are impressed with the company’s accomplishments and with its potential for future growth,” said Scott Evans, managing partner, GCP. “Under the leadership of Hugh [Rovit, ceo] and his team, Sure Fit has successfully repositioned its products as affordable and practical solutions to higher priced home decorating alternatives, such as buying new furniture or reupholstering. This approach has connected with consumers and has made the product even more relevant in today’s retail environment.”
Wells Fargo Business Credit, which has been Sure Fit’s senior bank lender since September 2008, and Argosy Private Equity, a middle market mezzanine lender and minority equity investor, both provided additional financing for the transaction. “With a well-capitalized balance sheet and larger credit facility, Sure Fit now has the financial resources to take advantage of the many growth opportunities identified by Rovit and his team,” the company said.
With operations here and in Allentown, Pa., Sure Fit's product line includes slipcovers for sofas, loveseats, chairs, oversized chairs, wing chairs, dining room chairs, recliners, ottomans and futons as well as furniture throws and coordinating decorative pillows.
Rovit the company just completed its most profitable year and said that with new resources, “we will be able to accelerate our initiatives in product, customer and channel expansion as well as continued branding opportunities for the Sure Fit name.”
“We believe there is excellent potential for the company to reach many consumer segments and substantially increase its growth,” said Peter Haabestad, managing partner, GCP.
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