NEWS & PRESS
WEBSTER CAPITAL ACQUIRES RIO BRANDS
Waltham, MA (April 9, 2015) -- Webster Capital is pleased to announce that it has partnered with the management of RIO Brands LLC, including Ira Cohen, CEO, and Warren Cohen, Principal, to acquire the company from Guardian Capital Partners, a Philadelphia-based private equity firm. Webster Capital is partnering with Morgan Stanley Alternative Investment Partners to provide equity financing.
RIO Brands is headquartered in Conshohocken, PA and is a leading supplier of outdoor furniture and related accessories used for the beach, backyard, patio, parks and other outdoor venues. The Company carries a heritage as the oldest continually operating company in the outdoor furniture industry with a widely recognized excellent reputation for serving the needs of its broad customer base. RIO has become the dominant market leader in the beach furniture category and has established a reputation for innovation, design, quality, and value. It has patented products and well recognized trademark and licensed brand names, and sells through the retail and e-commerce channels.
"We are excited to be investing in RIO given their strong position in the market and attractive license partnerships with both Tommy Bahama and Margaritaville." said Donald Steiner, Managing Partner at Webster Capital. "Outdoor living is becoming an increasing part of everyday lifestyles. RIO plans to utilize its design and sourcing expertise to increase its share of the growing outdoor furniture market."
"The future is bright," said Ira Cohen. "Webster Capital brings a wealth of experience selling lifestyle brands into the consumer marketplace, our sweet spot. The Company is focused on the right categories at the right time, with clear positive demographic trends. We foresee a strong partnership leading to expansion of our market leadership position."
Houlihan Lokey, a leading investment banking firm, acted as exclusive financial adviser to the Company in connection with the transaction and Goodwin Procter LLP acted as legal advisor to Webster Capital.
About Webster Capital
Founded in 2003, Webster Capital is a private equity firm with over $600 million of committed capital which invests in the branded consumer and healthcare services industries. Webster typically focuses on companies with transaction values in the range of $40 - $100 million. Webster Capital provides equity financing, expertise and a broad contact network for management buyouts and growth capital.
About RIO Brands LLC
Rio Brands was founded in 1947. Since its inception, the company has been committed to service, quality and innovation. The Company believes in bringing fashion and quality to beach and backyard furniture. RIO holds 17 patents and builds products to the highest quality standards in the industry - their patents include Backpack Chairs, Wonder Wheeler® beach carts, and the Integrated Sand Anchor for beach umbrellas. For additional information please visit www.riobrands.com.
About Morgan Stanley Alternative Investment Partners
Morgan Stanley Alternative Investment Partners (AIP), established in 2000 and part of Morgan Stanley Investment Management, specializes in assisting institutional and high net worth investors achieve their goals through the design and management of alternative investment programs. For additional information please visit www.morganstanleyaip.com.