Lincoln International Represents Tropitone Furniture Co., Inc. in its Sale to Pfingsten Partners, LLC
CHICAGO, October 24, 2007 - Lincoln International, a leading global mid-market investment bank, today announced that Tropitone Furniture Co., Inc. has been acquired by Pfingsten Partners, LLC. Michael Echolds, Tropitone's chief executive officer, will remain in his current role and also continue to be a significant shareholder in the company.
Lincoln International acted as the exclusive financial advisor to Tropitone and worked closely with the company's senior management and board of directors in every aspect of the transaction. Commenting on the transaction, Echolds said "When Tropitone made the decision earlier this year to seek an institutional investor, a major priority was finding a partner that would build on the company's more than 50-year legacy of offering our customers stylish, yet practical furniture, as well as exceptional customer service. Lincoln International's deep industry knowledge and relationships allowed Tropitone to find such a partner. With the assistance of Pfingsten, the company will continue our legacy while also benefiting from a broad array of additional resources that Pfingsten can provide both financial and non-financial, which will serve as a springboard for our future success in the market."
"Lincoln was a superb partner throughout the transaction" said Charlie Farrell, a member of the Tropitone board of directors. "They expertly guided the management, board members and shareholders of Tropitone through a complex sale process that was complicated by uncertainty in the financing markets."
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 specializes in merger and acquisition services and private capital raising for leading organizations involved in mid-market transactions. With offices in Chicago, Frankfurt, Los Angeles, New York, Paris and Vienna, 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. The organization provides clients with senior-level attention, in-depth industry expertise, and integrated resources. By being focused and independent, Lincoln International serves its clients without conflicts of interest. More information about Lincoln International can be obtained at www.lincolninternational.com.
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