01/14/2020 | Announcement
Ironwood Capital Announces Exit from Bush Industries
AVON, CONNECTICUT, January 14, 2020 – Ironwood Capital is pleased to announce an exit of its subordinated debt and minority equity investment in Bush Industries (“Bush”) via a sale to Canadian designer and manufacturer of ready-to-assemble home and office furniture, Bestar, Inc. (“Bestar”). Bush, headquartered in Jamestown, New York, is a leading manufacturer and distributor of commercial and home office furniture. Bush and Bestar have over 130 years of combined history in the Ready-To-Assemble furniture industry and will have consolidated sales of approximately $200 million.
“Bush management positioned the company for rapid growth within the e-commerce channel. Every facet of the business, from manufacturing to marketing to distribution, was designed to maximize the company’s online platform to deliver significant growth, “stated Alex Levental, managing director, Ironwood Capital. “It was great to work with Mike Evans and his focused team. Mike, now CEO of Bush, will become CEO of the combined entities. We wish the team continued success in their next growth chapter.”
About Ironwood Capital
Ironwood Capital is a Connecticut-based private equity firm that provides non-control growth capital to middle market companies, investing more than $750 million in over 130 companies over the past 18 years. Ironwood invests in the form of subordinated debt and preferred stock in amounts ranging from $5 million to $20 million to support business owners and financial sponsors in growth financings, full and partial recapitalizations, generational transitions and buyouts. For more information, please visit https://ironwoodcap.com.
About Bush Industries
Bush Industries is a leading manufacturer and distributor of commercial and household office furniture. The company has over 300 employees and is headquartered in Jamestown, New York with additional distribution facilities in Erie, Pennsylvania and Reno, Nevada. For more information, please visit www.bush.co.
Contact:
Carolyn C. Galiette
President and Chief Investment Officer
(860) 409-2105
galiette@ironwoodcap.com
Kathy Butler
Director of Marketing and Communications
(860) 409-2117
butler@ironwoodcap.com
