Wayne, PA – January 13, 2010 – Guardian Capital Partners (“GCP”) is pleased to announce that on December 29, 2009 it acquired majority ownership of Sure Fit Inc. (“Sure Fit” or the “Company”) from D.E. Shaw & Co.
Headquartered in Allentown, Pennsylvania, Sure Fit (www.surefit.com) is the nation’s leading provider of ready-made slipcovers and related accessories. Its product line includes slipcovers for sofas, loveseats, chairs, recliners, ottomans and futons as well as furniture throws and coordinating decorative pillows. Sure Fit provides an attractive and affordable solution for consumers who need to protect furniture from children, pets and general wear or want to quickly and cost-effectively enhance the appearance of a room. The Company sells through major national retailers, its own website and other channels.
Hugh Rovit, CEO of the Company, said “Sure Fit has maintained the longstanding position as category leader. We are very excited to partner with Guardian Capital Partners and together we will be able to accelerate our initiatives in product, customer and channel expansion.” Scott Evans of GCP added, “The Company’s affordable solution to home decorating has connected with consumers and has made the product even more relevant in today’s retail environment. Under the leadership of Hugh Rovit, Sure Fit has developed a balanced platform of brands, channels and price points, and is well positioned for growth.”
Daroth Capital Advisors provided investment banking services to D.E. Shaw. The law firm of Duane Morris represented Guardian Capital Partners while Smart and Associates provided assistance with accounting diligence. Wells Fargo Business Credit provided senior debt financing for the transaction. Argosy Private Equity and Bowside Capital provided additional financing and minority equity. The management team of Sure Fit also co-invested equity alongside GCP.
For more information about the transaction, contact Scott D. Evans at Guardian Capital Partners.
Guardian Capital Partners is a private equity firm based in suburban Philadelphia that makes control investments in lower middle market manufacturing, consumer products and service companies. GCP partners with management teams to provide equity capital to lead leveraged buyouts, recapitalizations and divestitures of family-owned businesses and non-core divisions of larger corporations. The private equity experience and complementary skill sets of the GCP team provide a unique combination of operating and finance capabilities resulting in speed and certainty of execution, operational excellence, and meaningful long term value creation for its portfolio companies. GCP targets profitable companies with revenues between $15 million and $75 million.