Lion Equity Partners has acquired TY Group from Bed Bath & Beyond Inc. No financial terms were disclosed. Lion Equity will be merging TY-Harbor with portfolio company Riegel Linen. TY-Harbor is a provider of quality linens, terry, amenities, case goods and apparel to businesses in the hospitality and healthcare industries.
DENVER–(BUSINESS WIRE)–Lion Equity Partners, a Denver-based private equity firm specializing in acquiring corporate carve-outs, announced that its affiliate, Lion Equity Holdings II, LLC, acquired T-Y Group and Harbor Linen (“TY-Harbor”) from Bed Bath & Beyond Inc.
TY-Harbor distributes quality linens, terry, amenities, case goods and apparel to world-class businesses in the global hospitality and healthcare industries. TY-Harbor will be merged with Lion Equity Partners’ existing portfolio company, Riegel Linen, a leading importer, manufacturer, and supplier of tablecloths, napkins, sheets, towels, bedding and other linens.
“Over its 48-year history, TY-Harbor has distinguished itself through the highest levels of quality, customer service and product innovation,” said Lion Equity Co-Founder and Partner Jim Levitas. “The company is a highly strategic fit with our existing portfolio company, Riegel Linen. The combination will form an industry-leading provider of textiles and amenities for hotels, cruise lines, restaurants, commercial laundries, linen suppliers and healthcare facilities.”
Chris Nelson, the current president of TY-Harbor, will become CEO of the combined TY-Harbor / Riegel Linen entity. He said “The merger of TY-Harbor and Riegel Linen is going to be a huge benefit to our combined customer base. We will be a true one-stop shop with service, products and distribution that are second to none. I am so excited to work with a very experienced management team to lead the employees of both companies as we work as one business to serve our customers.”
Bill Josey, CEO of Riegel Linen added, “This transaction is a win for our customers, our associates and our partners. The combined company is going to leverage Riegel Linen’s quality, service and heritage and match it with TY-Harbor’s extensive product portfolio and distribution to become an industry powerhouse.”
About Lion Equity Partners:
Lion Equity Partners is a Denver, CO based private equity firm focused on acquiring controlling interests in middle-market businesses across multiple industries. Lion Equity specializes in acquiring divisions of larger corporations, and has significant experience in the divestiture process. Lion Equity’s investment strategy is centered on creating value in its portfolio companies through a combination of organic growth and add-on acquisitions. Lion Equity supports its portfolio companies with strategic and financial resources, operational guidance, and M&A expertise.