Ironwood Capital sells Bush Industries
Ironwood Capital has exited its subordinated debt and minority equity investment in Bush Industries (Bush) via a sale to Canadian designer and manufacturer of ready-to-assemble home and office furniture, Bestar.
Bush, headquartered in Jamestown, New York, is a manufacturer and distributor of commercial and home office furniture. Bush and Bestar have over 130 years of combined history in the Ready-To-Assemble furniture industry and will have consolidated sales of approximately USD200 million.
"Bush management positioned the company for rapid growth within the e-commerce channel. Every facet of the business, from manufacturing to marketing to distribution, was designed to maximise the company's online platform to deliver significant growth, "says Alex Levental, managing director, Ironwood Capital. "It was great to work with Mike Evans and his focused team. Mike, now CEO of Bush, will become CEO of the combined entities. We wish the team continued success in their next growth chapter."