Private equity firm Guardian Capital Partners has acquired the majority ownership of Sure Fit from D.E. Shaw.
Headquartered in Allentown, Pennsylvania, Sure Fit is a provider of ready-made slipcovers and related accessories.
Its product line includes slipcovers for sofas, loveseats, chairs, recliners, ottomans and futons as well as furniture throws and coordinating decorative pillows.
The company sells through major national retailers, its own website and other channels.
Hugh Rovit, chief executive of Sure Fit, says: “Sure Fit has maintained the longstanding position as category leader. We are very excited to partner with Guardian Capital Partners and together we will be able to accelerate our initiatives in product, customer and channel expansion.”
Scott Evans of Guardian Capital Partners adds: “The company’s affordable solution to home decorating has connected with consumers and has made the product even more relevant in today’s retail environment. Under the leadership of Hugh Rovit, Sure Fit has developed a balanced platform of brands, channels and price points, and is well positioned for growth.”
Daroth Capital Advisors provided investment banking services to D.E. Shaw. The law firm of Duane Morris represented Guardian Capital Partners while Smart and Associates provided assistance with accounting diligence.
Wells Fargo Business Credit provided senior debt financing for the transaction. Argosy Private Equity and Bowside Capital provided additional financing and minority equity.
The management team of Sure Fit also co-invested equity alongside Guardian Capital Partners.
