Mistral Equity Partners has acquired a majority interest in LoveSac, a multi-channel retailer of bean-bag chairs and other furniture products. No financial terms were disclosed.
PRESS RELEASE
Mistral Equity Partners, a private equity firm focused on the consumer and media sectors, announced today that it has acquired a majority interest in Sac Acquisition, LLC (‘LoveSac®’), a multi-channel retailer of patented furniture products. LoveSac designs furniture for real life, including ‘Sactionals®,’ extremely modular, washable sectional sofas; ‘Sacs,’ high end, foam-filled bean bag chairs; and other comfy lifestyle products.
“The Company has strong multi-channel growth prospects, and we are excited to partner with LoveSac’s management team to grow the Company’s retail store base, internet sales and other distribution channels.”
“LoveSac has created a unique retail model and compelling consumer value proposition for today’s discerning shopper. As consumers continue to demand a more convenient lifestyle in and out of the home, LoveSac has created quality, easy to use products that give the consumer a range of furniture choices and the ability to create new looks and styles that suit their needs,” commented Andrew Heyer, Managing Director of Mistral Equity Partners. “The Company has strong multi-channel growth prospects, and we are excited to partner with LoveSac’s management team to grow the Company’s retail store base, internet sales and other distribution channels.”
Using just two component parts that are sold separately, LoveSac’s Sactionals can be easily configured, without tools, into a limitless array of furniture styles to create various seating options to meet consumers’ ever-changing needs. Sactionals covers, although tailor fit, are removable, interchangeable and washable, and available in over 200 fabrics. The products are sold through its website (www.lovesac.com), in the Company’s 28 branded mall-based retail stores, and in numerous other channels both domestically and internationally.
Shawn Nelson, LoveSac’s Founder, confirmed, “We are thrilled to have the opportunity to partner with an investor as sophisticated and value-added as Mistral. Their extensive knowledge and expertise in the consumer and retail sectors will be a tremendous asset during this next, exciting stage of the Company’s growth.”
About Mistral Equity Partners
Mistral Equity Partners is a private equity firm comprised of highly experienced investment professionals and seasoned industry executives. The firm specializes in the consumer, retail, and consumer focused media sectors, and is especially attracted to businesses that are supported by strong demographic trends and fundamental changes in consumer preferences. Mistral’s principals have a long history of working together and identifying successful investment opportunities with these characteristics.
About LoveSac®
LoveSac is a lifestyle brand and multi-channel retailer of alternative furniture products and accessories targeting TV and family rooms. The Company holds patents on the original oversized Sac and now Sactionals, the world’s only washable, changeable, stockable, FedExable upholstered furniture solution. LoveSac, Sac and Sactionals are all registered trademarks
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