ThreeSixty Group Inc, which is backed by AEA Investors LP, has acquired Vornado Air LLC, a provider of home comfort products. No financial terms were disclosed. Sawaya Partners LLC was financial adviser to Vornado on the transaction.
WICHITA, Kan., May 7, 2018 /PRNewswire/ — Vornado Air, LLC (“Vornado” or the “Company”), a leading provider of premium home comfort products, announced today the completion of its acquisition by ThreeSixty Group, Inc. (“ThreeSixty”), a leading cross-category provider of branded consumer products to the nation’s largest retailers.
Over the past decade, Vornado has grown into the leading manufacturer, marketer, and distributor of premium home comfort products in the U.S. and internationally, primarily under the Vornado brand, across the air circulator, heater, steamer, air purifier and humidifier product categories. Vornado is driven by two key promises that direct the focus and energies of every employee, “End consumers will experience perfect comfort” and “Trade partners will encounter impeccable performance.” These two promises continue to be the foundation for growth and industry leadership that Vornado has come to embody.
Randy Brillhart, CEO of Vornado, said, “When our management team joined Vornado in December 2006, Vornado sales were predominantly comprised of the Company’s signature ‘air circulator’ product line. We recognized the potential of the brand and brought a broader vision to the Vornado brand. Over the past 10 years, we have broadened the product line and have introduced the brand to selected international markets. We believe the future for Vornado is virtually limitless, and we are excited about our partnership with ThreeSixty.”
Dana Bradford, the controlling shareholder of Vornado, noted, “The success of Vornado comes down to one thing – people. The management team at Vornado is an exceptional group of people, and it has been an honor to be their partner.”
Bill Phillips, Chairman of Vornado, added, “In 2006, we recognized Vornado as an iconic, premium, yet underdeveloped brand that lacked strategic focus and discipline. Through the efforts of all Vornado employees, we were able to unlock the potential of the brand, drive significant growth, and deliver on our promises to our consumers and trade partners.”
Johann Clapp, Co-Founder and Managing Partner of ThreeSixty Group, said, “We are thrilled to be partnering with the Vornado team, who have an impressive track-record of innovation-driven growth and bring highly complementary consumer product development experience to our business.” Kirk McLean, Co-Founder and Managing Partner, added, “Vornado represents a highly attractive opportunity for us: the brand stands for quality and innovation within the home comfort category. Bill, Randy and their team have built an incredible business and we are excited about the potential of our partnership together.”
Sawaya Partners, LLC, a leading consumer investment banking firm, acted as exclusive financial advisor to Vornado.
About Vornado Air, LLC
Vornado was acquired in December 2006 by a partnership formed by Dana Bradford and Bill Phillips. Dana led the investment group that acquired the company and formed a partnership with Bill Phillips, Randy Brillhart, and Drew Jones to reposition and grow the enterprise. Bill Phillips, Randy Brillhart, and Drew Jones were former members of the Coleman management team, bringing 75 years of consumer products experience to Vornado.
About ThreeSixty Group
ThreeSixty Group, originally known as MerchSource, was founded in Southern California in 1999. Today, ThreeSixty designs, sources and distributes consumer products across diverse product categories under a portfolio of brands, including the iconic Sharper Image and FAO Schwarz brands which it acquired in 2016. The Company produces curated merchandise programs that it distributes to major retailers across almost every retail channel in the U.S., representing over 70,000 retail stores. In 2015, ThreeSixty received a majority investment from AEA Investors LP, one of the oldest private equity firms in the U.S.
About AEA Investors LP
AEA Investors LP was founded in 1968 by the Rockefeller, Mellon, and Harriman family interests and S.G. Warburg & Co. as a private investment vehicle for a select group of industrial family offices with substantial assets. AEA’s active individual investors (the “Participants”) include an extraordinary network of more than 75 of the world’s leading industrial families, business executives and former government leaders. Today, AEA’s approximately 70 investment professionals operate globally with offices in New York, Connecticut, London, Munich and Shanghai. The firm manages funds that have approximately $10.0 billion of invested and committed capital including the leveraged buyouts of middle market companies and small business companies and mezzanine and senior debt investments. AEA Private Equity invests across four sectors: value added industrial products, specialty chemicals, consumer / retail and services.