Executives at Quoizel have announced that the Goose Creek, S.C.-based family-owned decorative lighting manufacturer has been sold to New York-based private equity firm Sycamore Partners and will become part of its NBG Home group headquartered in Austin, Texas.
Sycamore Partners acquired NBG Home in 2017 from Kohlberg & Company, LLC, the same year it purchased office equipment retail giant Staples for an estimated $6.8 billion. This not the first foray into the lighting industry for Sycamore Partners since NBG already has two lighting brands – Jimco and DSI Lighting – that also offer ceiling fans.
This acquisition is the second for NBG in less than two years under the ownership of Sycamore Partners.
Quoizel’s headquarters and team will remain in Charleston, S.C., and Rick Seidman, President of Quoizel, will continue in his role.
According to a statement released to customers on January 7, Seidman wrote, “We are excited to partner with NBG Home to provide our customers with a broader product offering and enhanced capabilities in marketing, new product development, global sourcing, and manufacturing. [The acquisition] is the result of over two years of thoughtful diligence, hard work, and succession planning on behalf of the Phillips family and the Quoizel executive management team. With Ira’s passing and Toni’s retirement, it was time for Quoizel to join forces with a larger home décor company to ensure a strong infrastructure for the future.”
Sycamore Partners is no stranger to retail. Among the investments it has made over the past seven years are the acquisitions of apparel retailers Talbots, The Limited, and The Jones Group (which included Jones New York, Nine West, and Stuart Weitzman), plus the intellectual property of Coldwater Creek.
Scott Slater, CEO of NBG, said, “We are pleased to welcome Quoizel to the NBG family. Quoizel’s brand is widely known for quality and innovation in fine decorative lighting. Its strong sales force and capable design team are well-regarded for their customer first attitude. We look forward to partnering with Rick Seidman and the Quoizel team as we increase our operating scale, product, and brand diversity to further enhance our category management solutions to the benefit of our retail partners. Furthermore, we plan to capitalize on each company’s market leadership, sales force, and capabilities to driver higher revenue growth than either company could independently accomplish.”
“We are excited about this next chapter in Quoizel’s proud history, as it ensures our loyal customers continue to have access to our timeless products while enabling our talented team to continue doing what they do best,” Seidman stated. “NBG was thoughtful in helping our ownership group achieve their objectives, and with NBG’s support and scale, we can enhance our capabilities and expand distribution points across North America and Europe, providing an attractive future for our employees, customers and vendors.”
Peter Morrow, Managing Director at Sycamore Partners, added, “This transaction, which follows NBG’s purchase of Cheyenne Products a year ago, reflects Sycamore’s confidence in NBG. The company is growing organically and through acquisitions as it further strengthens its deep connections to the world’s leading omni-channel retailers through market-leading design, merchandising and sourcing capabilities. We look forward to continuing our support of NBG and its team as they execute on this growth strategy.”
Baird served as financial advisor to Quoizel and Houlihan Lokey served as financial advisor to NBG Home. Terms of the Quoizel acquisition were not disclosed.
