Fort Point Capital Realizes Investment in Sullivans
February 9, 2023
Fort Point Capital, a Boston-based private equity firm that invests in lower middle market business services companies, announced today that it has successfully completed the sale of its investment in Sullivan Holding Company (“Sullivans” or the “Company”).
Founded in 1968 and headquartered in Sioux Falls, SD, Sullivans is a leading designer and distributor of seasonal, all-occasion and outdoor home décor products. The Company serves a diverse and loyal customer base of independent gift and décor retailers, leading national accounts and the e-commerce channel, including direct-to-consumer.
Since its investment in October 2014, Fort Point has helped to transform the Company from a founder-owned business into a well-recognized leader and platform for consolidation in the home décor distribution industry. During Fort Point’s hold, Sullivans made significant investments in its management team, established and built out its digital department and implemented an enhanced sales and marketing strategy to extend its market leadership and drive strong organic growth across all channels. In addition, Sullivans successfully executed and integrated two add-on acquisitions, expanding the Company’s product breadth and entering the outdoor décor space. Sullivans is another example of Fort Point’s commitment to investing in the value-added distribution sector.
“We are very grateful for the opportunity to have worked with the Sullivans team over the course of our ownership,” said Fort Point Partner, Brooke Ablon. “During our hold, the Company has grown significantly and has evolved from a business focused on seasonal décor and permanent botanicals, into a well-diversified portfolio of proprietary home décor products.”
“We are proud of the work that we have done with Sullivans,” said Fort Point Vice President, Michael Brofft. “We executed on our strategic plan in close partnership with management, successfully driving organic growth, entering new product categories and enhancing the Company’s market leadership through strategic acquisitions.”
“We are thankful for the sustained effort and dedication of Tom Russo, Tim Thune, Lisa Juul, Jason Sigl and the rest of the Sullivans’ management team and we look forward to their future success with their new partner,” said Fort Point Partner, Christina Pai.
TM Capital served as financial advisor to Sullivans, while Kirkland & Ellis provided legal counsel to the Company.
Sullivans is a leading designer and distributor of seasonal, all-occasion and outdoor home décor products to specialty retailers, national accounts and the e-commerce channel. Sullivans has built a reputation for world-class customer service and unique, high-quality products that enable specialty retailers to offer true product differentiation and distinctive assortments. To learn more, visit sullivangift.com.
About Fort Point Capital
Fort Point Capital (“Fort Point” or the “Firm”) brings a management-led, growth-oriented approach to private equity investing, targeting fragmented sectors of the business services industry. Founded in Boston in 2011, Fort Point partners with founders and management teams to accelerate growth and performance. The Firm provides resources to help companies expand teams and establish infrastructure, enhance service offerings, access new markets, and support strategic add-on acquisitions. Fort Point fulfills its commitment to management, employees and shareholders by employing a repeatable process to drive durable value, as evidenced in over 40 acquisitions since the Firm’s inception. Fort Point Capital is currently investing from FPC Small Cap Fund II. To learn more, please visit fortpointcapital.com.