Marathon Asset Management closed a $155 million credit facility for Brown Jordan, a designer, manufacturer, distributor and retailer of outdoor and indoor furniture for the commercial and residential markets in the United States.
Brown Jordan used the proceeds from the financing, which consisted of a first lien and second lien term loan, to repay its existing loan in full.
“We are thrilled to partner with Marathon and value their shared long-term vision for the future prospects of our business,” Gene Moriarty, CEO of Brown Jordan, said. “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,” Randy Raisman, a managing director at Marathon Asset Management, said. “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,” Jordan Bryk, a managing director at Marathon Asset Management, said. “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.”
Brown Jordan is a portfolio company of Littlejohn & Co.
