An Affiliate of Sun Capital Partners, Inc. Acquires L. Powell Company.BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla. -- Sun Capital Partners, Inc. ("Sun Capital"), a leading private investment firm specializing in leveraged buyouts leveraged buyout, the takeover of a company, financed by borrowed funds. Often, the target company's assets are used as security for the loans acquired to finance the purchase. and investments in market-leading companies, today announced that one of its affiliates has acquired the L. Powell Company ("Powell"), one of the largest U.S. designers, marketers, and importers of home accent furniture. Headquartered in Culver City, California Culver City is a city in western Los Angeles County, California. As of the 2000 census, the city had a population of 38,816. The community is mostly surrounded by the city of Los Angeles but also has a border with unincorporated areas of Los Angeles County. , Powell's products include jewelry armoires, youth furniture, home entertainment products, casual dining, and a variety of home accent collections including its licensed Michael Payne Michael Payne is the host and interior designer of Home and Garden Television's show Designing for the Sexes. The show was aired from 1998 to 2003, and featured Michael navigating design conflicts between couples with conflicting tastes. Collections. Powell is widely recognized for its innovative, original designs and quality construction and has won two Pinnacle Design Awards from the American Association American Association refers to one of the following professional baseball leagues:
Bill Benton, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , L. Powell Company, said, "This transaction is a great opportunity for our Company as well as its employees, suppliers, and valued customers. With the financial sponsorship of Sun Capital Partners and its affiliates, we will be able to continue to grow our organization at an aggressive pace while enhancing our value proposition and reputation for superlative customer service. I would like to personally thank Rick Powell and his father, Larry, for their insight and diligence in building this wonderful company and for allowing the current management team the opportunity to take it to the next level." Jason H. Neimark, Managing Director, Sun Capital Partners, Inc., added, "Under the leadership of Bill Benton, Powell has made impressive efforts to augment and improve its product diversification, speed to market, sales and marketing programs, and customer service. We are looking forward to working with Bill and the management team to help support the Company's future growth." About Sun Capital Partners, Inc. Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in market-leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in and managed more than 140 companies worldwide with combined sales in excess of $33.0 billion since Sun Capital's inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , and affiliates with offices in London, Tokyo, and Shenzhen, China. |
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