BOCA
RATON, Fla. and NEW
YORK, July 8, 2024 /PRNewswire/ -- On
July 3rd, Branford Castle Partner's Fund I completed the
sale of Earthlite Massage Tables. Earthlite is the global leader in
the design and manufacture of massage tables and related items such
as pedicure thrones, oils and cremes and accessories. Earthlite was
the first investment in Branford's Fund I and represents its fourth
exit of eight platform acquisitions. During Branford's ownership,
Earthlite significantly expanded its product lines and further
solidified its global reach. EBITDA more than doubled during the
hold period.
"Exiting businesses is bittersweet. We have had such a fantastic
experience with the entire Earthlite management team, including
Jim Chenevey, John Bailey, Jorge
Pineda, Jennifer Gruene,
Naoko Barboo, and many others. They
have built the pre-eminent brands of their kind in the Spa
industry, brands that bring smiles to the faces of massage
therapists and end customers the world over. We wish Earthlite
incredible continued success with its new owner," said John S. Castle, President and CEO of Branford
Castle Partners.
Earthlite's CEO, Jim Chenevey,
expanded, "We had a great run with the team at Branford. They were
very supportive throughout their hold period, especially during the
COVID slow-down. Further, when we came to them with growth
initiatives, they were always receptive. We leave our partnership a
much larger and stronger organization."
The transaction was supported by the investment banking team at
CIBC Capital Markets, led by Chris
Larsen, Jim Olson and
John Peterson; the legal team at
Akerman LLP, headed by Jed Freeland,
and the accounting/finance team at RSM, spearheaded by Michael Giuliano. At the time of the sale,
Earthlite's lenders/financing partners were O2 Sponsor Finance
Group (a division of Old Second National Bank) and Siguler
Guff.
ABOUT BRANFORD CASTLE PARTNERS
Branford is a private
market investor focused on lower-middle-market investments, with
more than 30+ years of helping to grow businesses. The firm
typically makes control investments in companies with up to
$15 million of EBITDA and a
leadership position in a niche industry. Branford is particularly
keen on the strong relationships it develops with its portfolio
company managers. Branford has particular expertise in
industrials/specialty manufacturing, consumer products, business
services and logistics.
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SOURCE Branford Castle