Comvest Partners has acquired Old Time Pottery, a Murfreesboro, Tenn-based retailer of home goods and furnishings. No financial terms were disclosed. Harris Williams advised Old Time Pottery on the transaction.
RICHMOND, Va.–(BUSINESS WIRE)–Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of Old Time Pottery, Inc. (Old Time Pottery), a retailer of home goods and furnishings, to Comvest Partners (Comvest). The transaction was led by Glenn Gurtcheff, Tim Alexander, Brant Cash, and Rami Fetouh of Harris Williams & Co.’s Consumer Group.
“Old Time Pottery has consistently offered customers a truly differentiated shopping experience, as demonstrated by the success of its stores regardless of the local competitive set, geographic region, or retail center type,” said Glenn Gurtcheff, managing director in Harris Williams & Co.’s Consumer Group. “There are tremendous opportunities for further expansion of Old Time Pottery’s footprint and we look forward to seeing the company’s continued growth in partnership with Comvest.”
“We continue to see strong demand for growing retail concepts like Old Time Pottery,” added Tim Alexander, managing director in the firm’s Consumer Group. “Consumers are attracted to discount merchandise and Old Time Pottery is delivering the types of returns on new units that experienced retail investors like to see. The market and company dynamics came together to create a compelling investment opportunity.”
Headquartered in Murfreesboro, TN, Old Time Pottery is a leading discount retailer of home furnishings with stores in 10 states throughout the Southeast and Midwest regions of the country. Since its founding in 1986, Old Time Pottery has offered customers the broadest product selection in its categories, a differentiated shopping experience, and a compelling customer value proposition.
Comvest Partners, with $1.3 billion of assets under management, provides flexible financing solutions to lower-middle market companies through its equity and debt funds, often meeting time-critical and complex funding requirements. Since 2000, Comvest Partners has invested more than $1.9 billion of capital in over 130 public and private companies.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
Harris Williams & Co.’s Consumer Group has completed more than 100 transactions in recent years across a variety of verticals, including branded consumer products; consumer services; food, beverage and agribusiness; and restaurant and retail. For more information on Harris Williams & Co.’s Consumer Group and other recent transactions, visit the Consumer Group’s section of the Harris Williams & Co. website.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.