Announcing thepurchase of Visual Comfort and a commercial partnership with Generation Brands,AEA The mid-market private equity group at AEA Investors declared today thatVisual Comfort& Co. had been purchased with money from its fund (Virginia)Together with Visual Comfort& Co., the investment is being made. The HarrisWilliams Consumer Group's Corey Benjamin, John Neuner, and Zach Led with andthe Building Products& Materials Group's Graham Rives are leading the deal.
According to theSingers, centering the business on the Visual Comfort brand will enhance brandrecognition among consumers and make it simpler for designers to clinch saleswith their clients. On February 7, Moody's Investors Service said that AEAInvestors LP, which purchased Generation Brands the previous year, had agreedto buy Visual Comfort& Co. Although both businesses have become well-known inthe design world, there has always been some ambiguity regarding the linkbetween Circa and Visual Comfort in a field that is already highly fragmented.
The Singers contendthat with the launch of a new site in their region, their retail shoppers willreceive even more secondary shine since the entire firm is now concentrated onthe Visual Comfort brand. Although some difficult conversations may need to behad to double your retail space and triple your earnings, Singers claims thatultimately the rising tide of the Visual Comfort brand will raise all ships.There has been some misunderstanding over whether Circa is a manufacturer, aretailer, or both (it is a retailer) and whether Visual Comfort is exclusive tothe retailer (it is not) in more than one interaction with a designer, evenamong regular customers of the two companies. The rumored acquisition of VisualComfort by Generation Brands has generated a lot of interest in the domesticlighting sector.
Visual Comfort Group'sCEO Andy Singer will be present when the company unveils more than 350brand-new designs at the Light ovation show, which starts in January. Andy's,Visual Comfort, has grown to be a significant lighting supplier to retailersand the design sector. The Singers refute any claims that this decision willcause Visual Comfort to lose its brand's appeal and emphasize that both businesseshave always emphasized, but never been exclusively devoted to commerce. Inactuality, the spark to alter the brand was reignited by a somewhat contentiousargument with the proprietor of the lighting business.
Visual Comfortspeculated that Gale had established a modest but successful network of CircaLighting showrooms that focused on selling. The second subject to be discussedafter the acquisition was announced was how Visual Comfort will fit into theGeneration Brands framework. Visual Comfort is an award-winning lightingcompany with a loyal following among interior designers and lighting shops.
PRNewswire, NEW YORK,June 8, 2021 — In addition to their current investment partner AEA Investors,Visual Comfort & Co. The investment will allow Visual Comfort & Co. tofurther solidify its position as the top brand in the decorative,architectural, and ceiling fan markets. The company was started in 1987 by AndySinger, who will continue to manage the company's overall growth plan in his presentrole as CEO.
Our business hasbenefited immensely from working with AEA, and we are eager to keep workingwith such dependable consultants, stated Mr. Singer. family of brands to newheights. As we combine the exceptional knowledge and expertise of our financingpartners to build upon our solid foundation, we are confident that the best isyet to come."
Through the merger ofGeneration Brands and Visual Comfort & Co. in 2017, which brought togethertwo of the top platforms in the lighting business, a family of brands wascreated. Through a broad selection of decorative and architectural lighting andceiling fans, the merger brought together the complementing qualities of eachbusiness to better serve its consumers in every style, application, and pricerange. Strong connections to important influencers and customers are madepossible through the company's designer partnerships and distinctive omni channelbusiness model, including its committed reseller partner Circa Lighting.
Partner at LGP KrisGalashan remarked, "We are happy to help Visual Comfort & Co. as theydevelop their strategy. We invest in businesses that are market leaders withmultiple growth opportunities, win with people, and have distinctive cultures,of which VCC is the ideal example."
According to BrianHoesterey, CEO of AEA Investors, "We are happy to extend our cooperationwith Andy and the rest of the management team to build upon the success they.has a distinctive and differentiating approach and has a tremendous runway forsustained growth and wealth generation."
The transaction isanticipated to occur in the third quarter of 2021, subject to usual closingconditions, including necessary regulatory approvals.
Visual Comfort &Co. and AEA Investors received financial advice from Barclays and HarrisWilliams, and legal counsel from Fried, Frank, Harris, Shriver & JacobsonLLP. Goldman Sachs Asset Management is being counseled by Simpson Thatcher& Bartlett LLP. LGP is being represented by Latham & Watkins LLP.
VISUAL COMFORT& CO.: INFORMATION
Visual Comfort &Co. has been the go-to source for distinctive designer lighting since 1987.Visual Comfort & Co. has been creating lighting with some of the biggestnames in design for close to 30 years utilizing premium-quality naturalmaterials and distinctive, hand-applied living finishes. Visual Comfort &Co. provides a wide range of lighting options with several well-known designsthat are representative of both high style and utility.
Leading LosAngeles-based private equity investment company LGP was established in 1989. Toinvest in market-leading firms, the firm collaborates with competent managementteams and frequently with founders. LGP has made approximately 100 investmentsin businesses since its formation, including typical buyouts, going-privatedeals, recapitalizations, growth equity, and carefully chosen public equity anddebt positions. The company primarily focuses on businesses that offerservices, including retail, distribution, industrials, business, and healthcareservices. Since its establishment, LGP has raised approximately $40 billion incommitted capital.
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