SOURCE: Longroad Asset Management
STAMFORD, CT--(Marketwired - Feb 6, 2014) - Longroad Asset Management, LLC, announced today that an affiliate of Longroad acquired a majority interest in Blue Bell Mattress Company, LLC ("Blue Bell"). Blue Bell, located outside of Hartford, CT is a Northeast licensee of the King Koil brand and sells both King Koil and private label inner spring and hybrid mattresses to bedding and furniture retailers in the northeast and mid-atlantic states. Blue Bell serves more than 1300 store locations in its footprint, and is one of the largest providers of bedding products in its geography. It is a third generation family-owned business that has been manufacturing bedding products since 1928.
Blue Bell offers a broad range of retail price points, from promotional to high-end collections. As King Koil's largest domestic licensee, Blue Bell offers the full brand assortments available under the King Koil label.
Anne Whitman, Managing Director of Longroad, said, "We were attracted to Blue Bell based on its reputation as an exceptional supplier due to its superior quality and operational efficiency to meet quick turn and high volume demand with its customers. We look forward to working with Mark Kolovson and Steven Byer."
Blue Bell will continue to be managed by Mark Kolovson and Steven Byer, both of whom will hold a significant stake in the Company.
Mark Kolovson, CEO of Blue Bell, said, "We are excited to have Longroad as our new partner as we embark on our next stage of growth. Their experience working with middle market companies to source add-on companies and expand markets will be an asset as we continue to build our business."
Steven Byer, COO of Blue Bell, added, "We could not ask for a better scenario than having Longroad invest in our business. Longroad's expertise will provide Blue Bell with the necessary resources and capital to expand and improve our operations."
Carter Morse Mathias & Co. based in Southport, Connecticut served as exclusive financial advisor to Blue Bell. Brown Rudnick LLP served as legal counsel for Longroad. Bingham McCutchen LLP served as legal counsel for Blue Bell.
About Longroad Asset Management
Longroad Asset Management, LLC, headquartered in Stamford, CT, is a private equity firm founded in 2001 with over $500 million in committed capital. Longroad makes controlling investments in middle market companies in the United States and Canada. Longroad focuses on investments in niche manufacturing, industrial services, energy, distribution and consumer products. The firm's expertise is to customize transactions to meet the goals of all parties in management buyouts, recapitalizations, corporate carve-outs and restructurings.