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FORT LAUDERDALE, Fla. July 13, 2015 – Fort Lauderdale-based investment banking firm, Farlie Turner & Co., is pleased to announce that its Consumer Group completed the recapitalization of Pride Family Brands, Inc. and affiliates (“Pride”) with New Water Capital Partners (“New Water”), an investment firm based in Boca Raton, FL. Farlie Turner served as the exclusive financial advisor to Pride. Terms of the transaction, which closed in June 2015, were not disclosed.
Headquartered in Hollywood, FL, with manufacturing capabilities in Costa Rica and China, Pride designs, manufactures and distributes hand-forged artisan quality aluminum outdoor furniture under the Castelle, Prestige and Expressions brands, and designs and supplies promotional outdoor furniture under the SummerWinds and private label brands. Pride was founded over 30 years ago by Bernie Lowsky. Together with his sons, Jamie and Steve Lowsky, and Victor Wolf, the family grew the business from a small local retailer to an international designer, manufacturer and distributor of unique outdoor furniture now servicing over 1,000 retail locations across the U.S. Steve Lowsky will continue to lead Pride as CEO, while Victor Wolf will continue to lead the company’s Costa Rican operations. Jamie Lowsky will continue his activities with Pride and will also serve on the company’s Board of Directors.
“Farlie Turner has worked as our trusted advisor, providing our family with patient guidance, un-biased expertise and thoughtful advice as we identified a partner to transition my father out of the business,” stated Steve Lowsky, Pride’s CEO. “In partnership with New Water, we look forward to remaining a family-run business that delivers the finest casual furniture in the world.”
"Bernie, Jamie, Steve and Victor have built an outstanding outdoor furniture business well-known for its quality, selection and artisan designs," commented Craig Farlie, a Managing Director of Farlie Turner who led the transaction. “Pride’s impressive growth and expanding customer relationships are a testament to the quality and depth of Pride’s product selection, and further indicate the tailwinds supporting the broader Consumer segment as a whole,” he added. In addition to Craig Farlie, Farlie Turner’s transaction team included Scott Saunders, Kerensa Jimenez, Daniel Vetrano and Keita Iwabuchi.
About Farlie Turner
Farlie, Turner & Co., LLC, and its affiliate Bayshore Partners, LLC, a broker-dealer registered with FINRA, provide merger and acquisition, private placement and financial advisory services to middle market companies.