Parallel Investment Partners Acquires Mealey’s Furniture and Mattress

Furniture World Magazine

Parallel Investment Partners, a leading private equity firm investing in privately held, lower middle-market growth companies in the United States, has sponsored a buyout of Mealey’s Furniture and Mattress, a high-quality, moderately priced furniture retailer in the greater Philadelphia area. Mealey’s was formed in 1970 in northeast Philadelphia as a single-store family proprietorship. In the mid-1980s, the founder’s two sons, Dan and Kevin Mealey, ascended to the management and leadership of the company, which has enjoyed strong growth over the past two decades and currently operates three furniture super stores, one clearance outlet and a large warehouse and distribution facility. Mealey’s has established a very strong market position and value proposition with its customers by offering a more contemporary merchandise mix at everyday low prices supported by superior service. “Mealey’s consistent ability to sell high-quality products with quick delivery at reasonable prices has allowed them to grow into a strong competitor in their core market area,” said Parallel Managing Director Barron Fletcher. “Together with the Mealey brothers and the management team, our goal is to build on Mealey’s strong foundation and grow our core Philadelphia metropolitan market during the next several years.” The Mealey brothers will remain engaged with the company, working with Parallel to institutionalize their knowledge of the furniture business and continue building the management team and infrastructure. Parallel has already identified several potential locations for new Mealey’s units in the company’s core market area. “One of Mealey’s core philosophies has always been to exceed customer expectations,” said Dan Mealey. “We feel confident that our new relationship with Parallel will allow the company to execute on its long-term growth plans without compromising the dependability and quality of the Mealey’s concept.” About Parallel Investment Partners Parallel Investment Partners is a leading private equity firm investing in privately held, lower middle market growth companies. Parallel currently manages approximately $400 million in institutional capital commitments. Parallel's mission is to generate superior risk-adjusted returns through creating strong partnerships with management and emphasizing value creation through growth. Parallel seeks to partner with company owners and managers who want a financial partner that brings the experience, resources and capital to help them achieve their goals. Parallel has invested in more than 20 entrepreneurially led growth companies since its inception in 1999. Parallel is headquartered in Dallas, Texas, and has an office in Los Angeles, Calif. For more information on Parallel, please visit www.parallelip.com.