BOCA RATON, Fla. and NEW YORK, July 8, 2024 /PRNewswire/ — On July 3rd, Branford Castle Partner’s Fund I completed the sale of Earthlite Massage Tables. Earthlite is the global leader in the design and manufacture of massage tables and related items such as pedicure thrones, oils and cremes and accessories. Earthlite was the first investment in Branford’s Fund I and represents its fourth exit of eight platform acquisitions. During Branford’s ownership, Earthlite significantly expanded its product lines and further solidified its global reach. EBITDA more than doubled during the hold period.
“Exiting businesses is bittersweet. We have had such a fantastic experience with the entire Earthlite management team, including Jim Chenevey, John Bailey, Jorge Pineda, Jennifer Gruene, Naoko Barboo, and many others. They have built the pre-eminent brands of their kind in the Spa industry, brands that bring smiles to the faces of massage therapists and end customers the world over. We wish Earthlite incredible continued success with its new owner,” said John S. Castle, President and CEO of Branford Castle Partners.
Earthlite’s CEO, Jim Chenevey, expanded, “We had a great run with the team at Branford. They were very supportive throughout their hold period, especially during the COVID slow-down. Further, when we came to them with growth initiatives, they were always receptive. We leave our partnership a much larger and stronger organization.”
The transaction was supported by the investment banking team at CIBC Capital Markets, led by Chris Larsen, Jim Olson and John Peterson; the legal team at Akerman LLP, headed by Jed Freeland, and the accounting/finance team at RSM, spearheaded by Michael Giuliano. At the time of the sale, Earthlite’s lenders/financing partners were O2 Sponsor Finance Group (a division of Old Second National Bank) and Siguler Guff.
ABOUT BRANFORD CASTLE PARTNERS
Branford is a private market investor focused on lower-middle-market investments, with more than 30+ years of helping to grow businesses. The firm typically makes control investments in companies with up to $15 million of EBITDA and a leadership position in a niche industry. Branford is particularly keen on the strong relationships it develops with its portfolio company managers. Branford has particular expertise in industrials/specialty manufacturing, consumer products, business services and logistics.
SOURCE Branford Castle
