From Home Furnishing Business
Jordan Co. to Acquire American Freight
The Jordan Co., a New York-based middle-market private-equity fund, has signed an agreement to buy Ohio-based discount furniture retailer American Freight.
No financial terms were disclosed. MelCap Partners is serving as financial advisor to American Freight in the transaction.
Steve Belford, American Freight founder and CEO, will continue to hold a significant ownership position in the company along with certain other existing shareholders and members of the senior management team.
Founded in Lima, Ohio in 1994, American Freight operates more than 95 retail stores in 18 states across the United States. American Freight currently has locations in Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Michigan, Minnesota, Missouri, New York, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, West Virginia and Wisconsin.
“We are excited to partner with The Jordan Company to help us grow our business and continue providing real value to customers,” said Belford, who will continue to lead the company following the acquisition. “Our mission to provide our customers high-quality furniture at low prices remains unchanged, and we will continue to expand our franchise with the same guiding principles that have served us well over the past 20 years.”
The Jordan Company, founded in 1982, has approximately $8 billion of original capital commitments under management. The firm has a 32-year track record of investing in and contributing to the growth of over 100 companies across a wide range of industries, including consumer, aerospace and defense, industrial manufacturing, packaging, automotive, chemicals, energy and telecom.
“We are thrilled to partner with Steve Belford and the management team at American Freight and plan to support the continued growth of the business,” said Brad Wilford, a partner at The Jordan Co. “We believe the company’s high quality product offering, unique retail layout and strategic footprint offers customers outstanding value, and we look forward to helping American Freight expand its store base.”