SAN MATEO, Calif.--(BUSINESS WIRE)--Lateral Investment Management, which provides growth capital to independent, middle-market businesses, today announced a $13.5 million credit facility to fund strategic growth initiatives at Dacor, a leading Southern California-based manufacturer of ultra-premium kitchen appliances.
“This financing partnership with Lateral enables us to ramp up our manufacturing and to significantly expand our national marketing efforts," said CEO Chuck Huebner.
During its 50-year history, family-owned Dacor has originated several of the home appliance industry’s most significant innovations – including the world's first professional-quality cooking range for the home and the first in-home ventilation hood.
“Lateral is helping us reach larger numbers of passionate cooks with our innovative kitchen appliances,” said chairman and co-owner Michael Joseph. “We’re building on our leadership in smart, connected kitchen technology and luxury design performance – and my brother Tony and I, with Dacor’s management team, are building on the business traditions and practices set in place by our father.”
“Our partnership with Dacor is representative of our collaboration with middle-market businesses that require a significant capital investment to pursue a well-defined growth opportunity,” said Kenneth Masters, Lateral’s chief investment officer. “Lateral provided Dacor with growth capital that wasn’t dilutive like private equity.”
“We look forward to working with the Dacor team as they drive to the next level of growth,” said Richard de Silva, Lateral’s managing partner. “Now in its second and third generations as a family-owned business, Dacor is building on its strength as a designer and manufacturer in California – unique in the ultra-premium appliance category.”
Celebrating its 50th anniversary, Dacor is a manufacturer of proprietary, branded ultra-premium kitchen appliances. Designed and built in California, Dacor’s cooking appliances integrate function and technology to create high-performing, intuitive products that reflect the lifestyle and needs of the passionate cook. Since 1965, Dacor has been responsible for many of the cooking innovations that have improved the way people prepare meals in the modern kitchen. Dacor is family-owned and embraces the legacy, heritage and expertise of multiple generations to lead the company into a new age of cooking innovation.
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ABOUT LATERAL INVESTMENT MANAGEMENT
Based in San Mateo, California, Lateral Investment Management is a private credit firm that provides growth capital for leading independent middle market companies in the United States. Lateral partners with owner-operated businesses to navigate through a well-defined growth event. The firm delivers a less dilutive source of capital than a private equity firm and is more growth-oriented and value-added than typical lenders.
The firm’s principals have invested more than $1 billion in middle market companies over the last decade, including Calix, Carepoint, Circuit City, Cotton, Dacor Appliances, Digg, Domino’s, Facebook, FastClick, Fosemprenavir, FTE Networks, Imperial, Inca Refining, Integrian, Leaf, Metacafe, MMFX, Monosol, NameMedia, Neos Therapeutics, Nexidia, Northstar, Parkview, Selling Source, SetMedia, Solar Power Partners, Spectrum, TCD Royalty, US Search, XOJet, Jazz Pharmaceuticals, Quigo and Quizno’s.
For more information, go to: http://www.lateralim.com.