From Home Furnishing Business
Paula Deen Brands Get Cash Infusion
Paula Deen Ventures, a newly formed company, is getting a cash infusion of between $75 million and $100 million from Najafi Cos., a private-equity company owned by the owner of BMG Music Service and the Book-of-the-Month Club.
Paula Deen Ventures includes Paula Deen Home, a partner with Universal Furniture, Paula Deen Media, Paula Deen Restaurants, and Paula Deen Cookware.
The new company has named retail industry veteran Steven Nanula chief executive officer.
Prior to his promotion, Nanula has led the development of the Paula Deen Food Co. for the last two years.
“All of us at Najafi Companies have a deep respect for the hard work, unique content and quality products which Paula has built around her brand,” said Jahm Najafi, founder and CEO of Najafi Cos. “We know that the enterprise will be successful and valuable, as Paula and her team continue to bring quality products and experiences to her loyal fan base; and now we have a proven management team in place to build and lead the organization.”
Deen said she looks forward to working with Najafi to move the company forward.
“I couldn’t imagine a better partner than Jahm Najafi, with his track record of success," she said. "Jahm’s vision, attention to detail and entrepreneurial spirit will help us grow to new heights. Jahm and Steve are both so well respected as leaders. I know this is the right decision to lead my team, as we continue to share quality products with my fans—whose love and support have built my brands."