05/31/2018 | Announcement
Ironwood Capital Announces Subordinated Debt Investment in Behold Washington LLC
AVON, CONNECTICUT, May 31, 2018 – Ironwood Capital is pleased to announce a subordinated debt and minority equity investment in Behold Home, a motion and stationary upholstered furniture manufacturer based in Smithville, Mississippi. The investment is in support of Behold’s purchase of Washington Furniture of Pontotoc, Mississippi, a leading manufacturer of stationary upholstered furniture. The transaction was sponsored by Pittco Capital Partners of Memphis, Tennessee. Other investors include Dobbs Management Services, Jackson Capital and company management.
“Our investment in support of Behold’s acquisition of Washington enables the merger of two industry leaders,” noted Ironwood Capital President and Chief Investment Officer Carolyn Galiette. “Combining Behold and Washington will allow each entity to benefit from increased capacity and to share manufacturing and merchandising expertise.”
“We are excited to partner with Pittco, Dobbs, Jackson and company management to complete this transaction,” stated Ironwood Capital Managing Director Jim Barra. “Washington and Behold were founded by two industry visionaries, Gerald Washington and Lyle Harris, who have imparted complementary cultures that will serve as the foundation for future growth and innovation.”
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 17 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 www.ironwoodcap.com.
About Behold Washington LLC
Behold Washington LLC is the holding company for Behold Home (www.beholdhomems.com) and Washington Furniture (www.washingtonfurnituresales.com). Behold Washington LLC manufactures motion and stationary upholstered furniture, with manufacturing locations in Smithville, Mississippi and Pontotoc, Mississippi.
Contacts
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
