Sure Fit Acquired by Guardian Capital
Posted on January 5, 2010 by
NEW YORK-Guardian Capital Partners, a Philadelphia-based private equity firm, has purchased Sure Fit from D.E. Shaw Group.
Terms of the acquisition were not disclosed. According to a joint statement from Sure Fit and Guardian Capital, Wells Fargo Business Credit, Sure Fit's senior lender, and Argosy Private Equity provided additional financing for the transaction.
Hugh Rovit, Sure Fit's chief executive officer, will remain in his position, according to a company spokesperson. "Our goal in the coming year is to continue our growth and further develop the (Sure Fit) brand, which has high consumer recognition and is increasingly viewed as the authority in this market segment," Rovit said.
The statement said Guardian Capital invests in lower- to middle-market manufacturing and service companies, with annual revenues of between $15 million and $75 million.
"Sure Fit has successfully repositioned its products as affordable and practical solutions to higher-priced home-decorating alternatives, such as buying new furniture or reupholstering," said Scott D. Evans, Guardian Capital's managing partner.