Lorraine Capital Makes Investment in Bush Industries
Furniture World News Desk on
6/15/2018
Lorraine Capital, LLC (“Lorraine”), a Buffalo NY private equity firm, in partnership with Landon Capital Partners, LLC (“Landon”), a Boston MA family office and Ironwood Capital, LLC (“Ironwood”) an Avon CT based subordinated debt fund, reports that it has acquired Bush Industries, Inc. (“Bush Industries”), a leading office and home furniture manufacturer, in a move that will bolster the company’s ability to serve commercial office and residential customers with quality products meeting the company’s strategic focus: easy, fast, affordable.
“This ownership transition is ideal for Bush Industries because it allows us to partner with an ownership group that invests for the long term and ensures that we can continue to execute strategies that will capitalize on the continued shift in consumer purchases to e-commerce. We have an experienced, reliable and capable workforce, and are pleased Lorraine recognized our team’s strength. We are confident this move will result in continued corporate growth and expanded employment in all phases of our business” said Jim Garde, CEO of Bush Industries.
“The Bush Industries opportunity could not be more tailor-made for Lorraine. Key members of Bush Industries’ management team will remain owners of the company and we look forward to working with them to expand their very strong brand. I am pleased that Mike Evans will stay on as President. Mike has been instrumental in developing and executing Bush’s growth strategy. Furthermore, it fits in well with Lorraine’s goals of investing in Upstate New York businesses where we can make a positive impact on their legacy in our great community” said William Maggio, managing partner with Lorraine.
More about Bush Industries: Bush Industries is a Jamestown, NY based manufacturer and distributor of home and small business furniture as well as broad scope of commercial-grade products and value-added services aligned to the transactional requirements of small and mid-sized businesses, and specific markets such as teleworkers and remote-office professionals. With global operations and international distribution, Bush Industries is strategically positioned and taking full advantage of the dramatic shift in business from brick and mortar to e-commerce sales across furniture market channels. For more information, visit www.bushindustries.com.