Tropitone Moves Forward With Plans Seek Financial Partner
Furniture World Magazine
Tropitone Furniture Co., a leading manufacturer of fine casual furniture, announced that it has made significant progress in its plan to join with an institutional investor.
According to Michael Echolds, Tropitone’s chief executive officer, “We are pleased with the progress we've made in searching for the right financial partner for Tropitone, and the company has attracted substantial interest from the private equity community. Based on the discussions we have had thus far, we are confident we will establish a relationship with a premier institutional investor committed to helping us grow our business.”
In June, Tropitone announced it had engaged Chicago-based Lincoln International to be its financial adviser to seek an institutional investor to provide the company with access to expanded financial resources to accelerate future growth plans. Tropitone’s revenue and earnings have grown sequentially each year for the past five years.
“With the continued strength of Tropitone’s position in both the retail and hospitality markets, the company sees many exciting opportunities for future growth in what has become an increasingly global and competitive marketplace. An institutional investor can provide the access to the additional financial resources that Tropitone will need to take advantage of these opportunities,” Echolds said.
Troptione was founded over 50 years ago by the Baker family, and Doug Baker, along with Angella Baker, has been the principal shareholder since 1992. From the beginning, the Baker family vision has been to offer stylish furniture for outdoor living that is not only durable, but also comfortable and eye-appealing. The company has a strong legacy of being committed to unparalleled customer support as well.
Echolds said that he anticipates continuing in his role as chief executive officer with the current management team when the new investor is in place, and he expects to remain a significant shareholder in the company as well.
About Tropitone: Founded in 1954, Tropitone is based in Irvine, California, and is recognized throughout the casual furniture marketplace for its design leadership as well as its commitment to service and value. The company sells its products to retailers, designers and the hospitality trade under the Tropitone and Basta Sole trademarks. In addition to its headquarters and manufacturing plant in Irvine, the company operates a manufacturing facility in Sarasota, Florida. For more information about the company, visit www.tropitone.com.
About Lincoln International: Lincoln International focuses on providing merger and acquisition services and private capital raising to companies involved in mid-market transactions. With offices in Chicago, Frankfurt, Los Angeles, New York, and Paris, and strategic partnerships with China Everbright and other partner firms in Asia, Lincoln International has strong local knowledge and contacts in the key global economies.