SSG Capital Advisors, LLC (SSG) acted as the investment banker to PFB Intermediate Holdings, LLC d/b/a Pride Family Brands in the sale of substantially all of its assets and the equity of its Costa Rica operations to an affiliate of Brown Jordan International, Inc. (Brown Jordan), a portfolio company of Littlejohn & Co. The transaction closed in May 2019.

Founded in 1977 and headquartered in Ft. Lauderdale, FL, Pride is a leading manufacturer, marketer and distributor of outdoor furniture. Pride offers a full array of outdoor products including tables, chairs, couches, fire pits, relaxers, umbrellas and related items. Pride sells its furniture under three brands:

• Castelle is ultra-premium, customizable aluminum furniture at a high-end price point;
• Elements by Castelle is premium aluminum furniture at a mid-level price point with fabric customization capabilities; and
• SummerWinds is non-customizable steel outdoor, folding beach and camping furniture at an entry to mid-level price point.

Pride had successfully grown from a single location retailer to an international provider of both luxury and value-oriented outdoor furniture across a range of price points and distribution channels. Its vertically integrated near-shore manufacturing facility in Costa Rica offers unmatched customization capabilities and complete manufacturing in four weeks. Its strategic location provides significant delivery lead time advantages.

SSG was retained by Pride to conduct a comprehensive marketing process and solicit offers for the company to solidify its long-term financial structure and position Pride for future growth. The process attracted significant interest from multiple parties which engaged in a thorough review of the company and submitted offers for the business. Brown Jordan, a portfolio company of Littlejohn & Co., submitted the most compelling offer which led to an optimal outcome for the Company and its stakeholders.

Brown Jordan designs, manufactures and markets home furnishings and contract furnishings.

Littlejohn & Co. is a private equity firm with over $10 billion of assets under management that makes transformative equity and debt investments in a broad range of middle market companies.

Other professionals who worked on the transaction include:

• William H. Henrich, Robert S. Gorin, Stephan Pinsly, Andrew Lebwohl and Luke Andrews of Getzler Henrich & Associates LLC, Chief Restructuring Officer and financial advisor to Pride Family Brands;
• Jeffrey C. Hampton, Adam H. Isenberg, Monique Bair DiSabatino and Melissa A. Martinez of Saul Ewing Arnstein & Lehr LLP, counsel to Pride Family Brands;
• James B. Shein, independent director to Pride Family Brands;
• Jeff L. Salinger, Robert C. Davis III, Nicole Chaudhari, Nick Panno, David A. Pryor, Jason Veit, Karun Ahuja, Kyle Stearns and Robert Parisot of DLA Piper, counsel to Brown Jordan; and
• Regina Stango Kelbon and Michael C. Graziano of Blank Rome LLP, counsel to the second lien lender.