• LTD represents Blackford Capital’s third addition to its Patio Portfolio in 12 months
• The addition of LTD accelerates Portfolio diversification in both product mix and distribution
GRAND RAPIDS, Michigan, December 5, 2023 – Blackford Capital (“Blackford”), a leading lower middle market private equity firm, announced today the acquisition of LTD Online Stores, Inc. (“LTD”), a leading patio furniture e-commerce business and wholesale distributor that markets and sells middle-to-high-end furniture through wholesale/drop-shipping, a direct-to-consumer website and a retail storefront located in San Diego, California.
LTD is the third addition to Blackford’s Patio Portfolio in the past year and joins Artificial Turf Supply (ATS and Starfire Direct as the platform evolves to become a one-stop shop for all outdoor living needs within the backyard consumer segment.
“Expanding our Patio offerings to include high-end patio furniture has been a critical target since the platform’s inception in 2022,” said Paul Doyle, managing director at Blackford Capital and chairman of the Patio Portfolio. “LTD has maintained an impressive growth trajectory before, during and beyond COVID due, in large part, to their high-quality furniture, sales channels and diverse customer base. We’re excited to welcome LTD to the Patio Platform and look forward to expanding our highly diversified product mix across a proven omni-channel distribution network.”
LTD President of Wholesale & Retail Ben Harvey and LTD Online President Todd Harmon, both influential in launching LTD as a small e-commerce website and marketer of home furniture, will both maintain their roles following the acquisition. In 2008, LTD began designing, manufacturing, and selling its own products, before opening a retail showroom in 2017.
“For the past 15 years, we have built LTD and our brands Patio Productions and Harmonia Living, into all-inclusive, one stop furniture shopping destination, with a goal of providing our customers with only the finest outdoor furniture the web has to offer,” said LTD’s Harmon. “Teaming up with a like-minded partner like Blackford Capital, with its performance history and strong leadership team, not only expands LTD’s reach and product offerings but furthers our dream of being a leader in this space.”
Today, LTD serves a wide-ranging customer base through three distinct channels: e-commerce, retail showrooms and its wholesale segment. LTD’s channel and customer diversification, including sales through various large e-commerce retailers, combined with favorable market conditions that are expected to be sustainable through the coming years, have helped the business maintain steady product pricing, revenue and margin improvements revenues beyond COVID.
“This acquisition furthers our goal of consolidating our suite of portfolio companies dedicated to ‘curating the backyard’ and sets us up to accelerate growth and gain market share within the growing backyard consumer segment,” said Doyle.
Website Closers served as exclusive financial advisor and Aegis Law served as legal advisor to LTD. Varnum LLP served as legal advisor and Rehmann served as the financial and tax advisor to Blackford. Mercantile Bank of Michigan provided debt in support of the transaction.
About Blackford Capital
Founded in 2010, Blackford Capital is a private equity investment firm headquartered in Grand Rapids, Michigan. Blackford acquires, manages, and builds founder and family-owned, lower middle-market companies, with a focus on the manufacturing, industrial and distribution industries, a disciplined and relentless approach to value creation, and a focus on operational excellence and a compelling culture. Most recently Blackford was named to Inc’s 2023 list of Founder-Friendly Investors, was recognized by ACG Detroit with the 2023 M&A Dealmaker of the Year Award and won the 2023 Small Markets Deal of the Year by both Buyouts Magazine and Global M&A Network Atlas Awards. The M&A Advisor Awards named Blackford the Private Equity Firm of the Year in 2022, 2021 and 2018, and also awarded Deal of the Year honors in 2017 and 2015 and named Martin Stein Private Equity Professional of the Year in 2016. Several of Blackford’s portfolio companies have been included on the Inc. 5000. For more information, visit blackfordcapital.com.