NEW YORK & ST. AUGUSTINE, Fla.--(BUSINESS WIRE)--Marathon Asset Management (“Marathon”) today announced the closing of a $155 million credit facility for Brown Jordan Inc. (“Brown Jordan” or the “Company”), a leading designer, manufacturer, distributor and retailer of outdoor and indoor furniture for the commercial and residential markets in the U.S. Proceeds from the financing, comprised of a first lien and second lien term loan, repaid the existing loan in full and positions the Company for significant growth. Brown Jordan is a portfolio company of Littlejohn & Co.
Founded in 1945 by Robert Brown and Herbert Jordan in Pasadena, CA, Brown Jordan offers best-in-class products for refined, relaxed and luxurious outdoor and indoor living. Known for producing iconic, award-winning designs, Brown Jordan pairs cutting edge innovation with outstanding craftsmanship. Brown Jordan strives to maintain its founders’ principles of superlative design fused with world-class quality and service and continues to set the gold standard for furnishings today.
“We are thrilled to partner with Marathon and value their shared long-term vision for the future prospects of our business,” said Gene Moriarty, Brown Jordan’s CEO. “We are excited to emerge from the pandemic and related supply chain slowdown with the financial backing of Marathon, which provides the Company with significant runway and flexibility to execute on our plan and continue to drive growth in our business.”
“Brown Jordan, with its high-quality portfolio of brands, strong management team and leading market positions in the outdoor and indoor furniture markets, is an ideal borrower for Marathon,” said Randy Raisman, a Managing Director at Marathon. “We believe that Brown Jordan is well-positioned to capitalize on several industry tailwinds, including the strength of the residential housing markets, the recovery among the Company’s hospitality clients and the new initiatives implemented by Gene and the management team that will drive margin expansion for the Company in the future.”
“Marathon has been a lender to Brown Jordan for several years, and we are excited to expand our partnership with the Company and its sponsor Littlejohn & Co. by providing a one-stop-shop refinancing through our Capital Solutions platform,” said Jordan Bryk, a Managing Director at Marathon. “We see significant value in Brown Jordan’s exceptional brand and pent-up demand and look forward to supporting the Company through its next stage of growth.”
About Brown Jordan Inc.
Headquartered in St. Augustine, Fla., Brown Jordan is a leading designer, manufacturer and marketer of premium outdoor and indoor furniture for the residential, hospitality and other commercial markets. Brown Jordan operates across two segments, outdoor and indoor, and six brands, Brown Jordan, Tropitone, Castelle, Texacraft, Winston and Charter. The Company, with over 75 years of operating history, offers both manufactured and imported products. Brown Jordan is known for its design innovation, high-end, artisan influenced outdoor furniture for residential markets and its leading reputation in the hospitality channel. For additional information, please visit www.brownjordan.com.
About Marathon Asset Management
Marathon Asset Management LP is a global credit manager with over $23 billion in assets under management. The firm was formed in 1998 by Chairman & CEO Bruce Richards and CIO Louis Hanover and has offices in New York City, London and Tokyo. Marathon's core competency is opportunistic investing in the global corporate, emerging market and structured credit markets. Its Capital Solutions platform specializes in designing bespoke private credit transactions to high-quality companies and seeks to invest $50 million to $500 million per transaction. Marathon provides partnership capital to sponsors and management teams primarily in the form of senior secured unitranche loans, junior lien debt, mezzanine debt, convertible bonds and preferred equity. For additional information, please visit www.marathonfund.com.