The Jordan Company has agreed to buy Ohio-based American Freight, a discount furniture retailer. No financial terms were disclosed. MelCap Partners is serving as financial advisor to American Freight in the transaction.
NEW YORK – October 10, 2014 – An affiliate of The Resolute Fund III, L.P., a private equity fund managed by The Jordan Company III, L.P., today announced that it has signed a definitive agreement to acquire American Freight of Ohio, Inc. and related companies (“American Freight”), a leading discount furniture retailer. Steve Belford, Founder and Chief Executive Officer, will continue to hold a significant ownership position in the company along with certain other existing shareholders and members of the senior management team. Financial terms of the private transaction were not disclosed.
Founded in Lima, Ohio in 1994, American Freight operates more than 95 retail stores in 18 states across the U.S., offering customers a variety of high quality mattresses and bedding, bedroom sets, dining room sets and upholstery at consistently low prices. American Freight currently has locations in Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Michigan, Minnesota, Missouri, New York, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, West Virginia and Wisconsin.
“We are excited to partner with The Jordan Company to help us grow our business and continue providing real value to customers,” said Mr. Belford, who will continue to lead the company following the acquisition. “Our mission to provide our customers high-quality furniture at low prices remains unchanged, and we will continue to expand our franchise with the same guiding principles that have served us well over the past 20 years.”
The Jordan Company, founded in 1982, is a middle-market private equity firm with approximately $8 billion of original capital commitments under management. The firm has a 32-year track record of investing in and contributing to the growth of over 100 companies across a wide range of industries, including consumer, aerospace and defense, industrial manufacturing, packaging, automotive, chemicals, energy and telecom.
“We are thrilled to partner with Steve Belford and the management team at American Freight and plan to support the continued growth of the business,” said Brad Wilford, a Partner at The Jordan Company.
“We believe the company’s high quality product offering, unique retail layout and strategic footprint offers customers outstanding value, and we look forward to helping American Freight expand its store base.”
MelCap Partners, LLC is acting as financial advisor to American Freight and Mayer Brown LLP is acting as legal advisor to The Jordan Company.
About The Jordan Company
The Jordan Company (www.thejordancompany.com), founded in 1982, is a middle-market private equity firm that manages funds with original capital commitments in excess of $8 billion with a 32-year track record of investing in and contributing to the growth of many businesses across a wide range of industries. The senior investment team has been investing together for over 20 years and is supported by the Operations Management Group, which was established in 1988 to initiate and support operational improvements in portfolio companies. Headquartered in New York, The Jordan Company also has offices in Chicago and Shanghai.