Aterian Investment Partners has made an undisclosed investment in Standard Furniture Manufacturing LLC. Based in Bay Minette, Alabama, Standard is a maker of home furnishings.
PRESS RELEASE
NEW YORK, Sept. 5, 2017 /PRNewswire/ — Aterian Investment Partners (“Aterian”) announces a strategic partnership with Standard Furniture Manufacturing, LLC (“Standard” or the “Company”), a family-owned, leading designer, manufacturer and distributor of high-quality, value-oriented, indoor residential furniture.
Founded in 1946 and headquartered in Bay Minette, Alabama, Standard is a U.S. manufacturer and importer of a wide variety of home furnishings focused on occasional tables, dining tables, chairs, bedroom furniture, upholstery and accessories. In 2016, the Company added upholstered furniture and a successful and growing new line of home furnishings and accessories by partnering with Chip and Joanna Gaines (from HGTV’s “Fixer Upper”) under the Magnolia Home name. Standard’s design, manufacturing and sourcing capabilities enable the Company to deliver a compelling and diverse value proposition to its retail partners and end-consumers, which is validated by Standard’s partnership with approximately 2,000 retail partners and roughly 7,000 store fronts across the United States.
William “Billy” Hodgson, the patriarch of the founding family will retain significant ownership in his role as Chairman and commented, “We looked long and hard to find a partner that fits our culture and legacy. We believe Aterian will be a great partner in supporting us in our next stage of growth while Standard maintains its commitment to provide our customers with market leading customer service, quality and design.”
Todd Evans, CEO of the Company, said, “We are excited to partner with the Aterian team and collaborate on strategic initiatives that will allow Standard to continue to provide high quality products to our existing customers, as well as pursue additional business initiatives and service offerings.”
Michael Fieldstone, Principal at Aterian, stated, “We are thrilled to recapitalize Standard Furniture with Billy and his family. We were attracted to Standard’s 70-year history of being a stalwart provider of value-oriented furniture to its long-standing customer base. We look forward to supporting Standard’s talented and cohesive management team led by Billy, Todd and Tim Ussery, and investing in the Company’s infrastructure and new product lines, including the newly developed and highly successful Magnolia line.”
About Standard
Standard is a designer, manufacturer and importer of a wide variety of home furnishing focused on occasional tables, dining tables, chairs, bedroom furniture, upholstery and accessories. Standard is headquartered in Bay Minette, Alabama and employs nearly 750 employees worldwide with roughly 2 million sq. ft. of operating infrastructure.
For more information, please visit http://www.standard-furniture.com
About Aterian Investment Partners
Aterian Investment Partners is an operationally-focused middle market private equity firm, providing resources to further enhance operations, growth and investment initiatives. The firm invests in businesses generating $25 million to $500 million of annual revenue with strong, proven franchises. After making an investment, Aterian, in partnership with management, seeks to focus on the critical growth, operational and liquidity initiatives of a business in an effort to drive value creation for all stakeholders.
For more information, please visit http://www.aterianpartners.com
Source: https://www.pehub.com/2017/09/aterian-backs-furniture-maker-standard/
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