A local private equity firm has partnered with a large interior solutions firm to acquire an interior design and architecture firm.
Grand Rapids-based Blackford Capital and its partner Boston Trade Interior Solutions, based in Bloomingdale, Ill., Announced Monday, July 26 that they have acquired Design Environments Corporation, an interior design and interior design firm. based in Marietta, Georgia, serving single and multi-family developments, college retirement and continuing care communities.
Terms of the contract are not disclosed.
The transaction creates a national single-source entity that will provide interior design, interior design, procurement, project management and installation services to a wider range of home owners and developers, rental per night and short term.
Design Environments works nationwide and has a strong presence in the Southeastern United States. He will join Boston Trade, which has offices in Boston, Chicago and San Francisco, as a division of Hospitality Consolidation Company, a holding company of Blackford Capital.
âWe are delighted to add such a prestigious and respected company to our service portfolio,â said Greg Kadens, CEO of Boston Trade. âThe synergies between our two organizations provide a unique advantage as a design-driven sourcing company that differentiates itself from standard single-wire sourcing vendors, and with our international product sourcing capabilities, we believe that we can add significant value to DEI’s business model.
âWith the addition of DEI to our family of interior design brands, we now have a professional team of over 50 designers with expertise in a wide range of markets and project types. What makes it so compelling is the depth, experience and solutions we are now able to offer our customers. “
No personnel changes are planned for the 48 employees of Design Environments. Donna DeLuca, who founded Design Environments in 1991, will remain as a strategic consultant while Kristen Holloway will remain with the company as president. The entire management team will also remain in place.
âThe entire Design Environments team is excited about the opportunities this combination presents,â said DeLuca. âWe firmly believe that Boston Trade will be an excellent partner in our continued growth and expansion. “
Blackford Capital is an 11-year-old private equity firm specializing in helping founders and family businesses boost performance by improving operations and implementing aggressive growth plans.
“With this transaction, we have advanced our vision of Hospitality Consolidation Company, so that it is uniquely positioned to serve the rapidly evolving hospitality and residential development industry while providing a platform for acquisitions. futures and expanding market share, âsaid Martin Stein, Founder and Managing Director of Blackford Capital and President of Boston Trade Interior Solutions.
âWe are confident that the merger will create a dynamic company with an experienced and accomplished management team that will meet the future needs of its customers in new and exciting ways. Our vision is to become one of the most diverse FF&E suppliers across multiple industries with shared design, sourcing and digital capabilities. “
Dickinson Wright, Honigman and King & Spaulding served as legal advisers; and Midland State Bank and Assurance Mezzanine Fund provided the funding. Plante Moran provided transaction structure and accounting services.
Benchmark International, Moore Ingram Johnson & Steele and HLB Gross Collins represented the vendor.