Charlie Eitel, former chairman and CEO of Simmons Bedding Co., and Jeff Armstrong, a former Wachovia Securities executive, have formed a new consultancy focused on middle market companies. The Charlotte, N.C.-based shop “will serve companies as an engaged Board Member, Executive Partner, Company Advisor or Interim Management.”
Charlie Eitel and Jeff Armstrong have formed a new and unique partnership to provide hands on operating and financial guidance to middle market companies. The Charlotte, NC based partnership, Eitel & Armstrong, has a mission to assist middle market companies in creating and realizing long term, sustainable value.
In referring to the partnership, Mr. Eitel said, “We are very excited to engage with our clients and believe that with our complementary backgrounds and experience, we have a special opportunity to help them create long term value. We will be thoroughly committing to a handful of companies that are facing transition and change.”
Eitel & Armstrong will serve companies as an engaged Board Member, Executive Partner, Company Advisor or Interim Management. The Partners will conduct business with a long term, principal-centered mentality and work with management and stakeholders to help the company achieve its objectives and potential. The partnership will focus on private and public companies considering a transition / liquidity event, companies at risk of a financial restructuring, and restructured companies with a new shareholder base. Strategic services provided by the partnership include an Assessment and Strategic Review, Investment Banking (Advisory), Asset Management (Corporate Governance), serving as an Executive Partner (CEO / CFO coaching & support), and/or Crisis or Interim Management.
Mr. Armstrong added, “Our product is our experience, judgment, coaching, and ultimately the advice we provide to our clients. Our job is to listen, assess the situation, provide independent council, and to grow companies by creating sustainable value.”
Mr. Eitel served as Chairman and CEO of Simmons Bedding Company from January 2000 until October 2008 and Vice Chairman through December 2009. Simmons Bedding Company is based in Atlanta, GA and employs over 3,000 associates in North America and operates 20 manufacturing plants. Prior to his role at Simmons, Mr. Eitel served as President and COO of Interface, Inc., CEO of Collins & Aikman Floor Covering, President and Chief Operating Officer of Carriage Industries and President of Coronet Carpets (RCA). In 2008 Mr. Eitel was named the winner of the Ernst & Young Entrepreneur of the Year for the Consumer Products category for Alabama, Georgia and Tennessee. During his tenure, Simmons was named to Fortune Magazine’s list of Best Companies to Work for two years in a row.
Mr. Armstrong served as a senior banker and leader at Wachovia Securities from July 1999 to October 2008. During his tenure Mr. Armstrong held a number of key management posts including Deputy Head of Investment Banking, Head of Corporate Finance, Head of Mergers and Acquisitions, Head of Leveraged Capital and Head of Private Equity Coverage. Prior to Wachovia, Mr. Armstrong was a banker at Citigroup and Morgan Stanley. Mr. Armstrong has served as an advisor or financier on more than 100 transactions including IPOs, Leveraged Buyouts, Mergers, Sales, Acquisitions and a multitude of capital raises.