MIAMI, FL – (April 13, 2010) Boyne Capital Partners, LLC (“Boyne”) announced that its affiliate, Evolution Lighting, LLC, has acquired the assets of Catalina Lighting, Inc. (“Catalina” or the “Company”) through a section 363 asset sale under chapter 11 of the bankruptcy code.
Catalina, headquartered in Miami, Florida, is a designer, marketer, and distributor of a broad line of consumer lighting products. Serving the United States and Canada, the Company has some of the most recognizable brands in the industry, such as Catalina™, Dana™, Illuminada™, VisionMax™, and Tensor®. The Company’s customers include Do-It-Yourself home centers, national retail chains, office superstore chains, mass merchandisers, warehouse clubs, discount department stores, and hardware stores. Catalina serves many of the major retailers (e.g. Lowe’s, Wal-Mart, Bed Bath & Beyond, Rona, Staples, etc.) in the United States and Canada. The Company prides itself on style, technology, and, as an Energy Star partner, energy efficiency.
Cory Meyer, Catalina’s CEO stated, “As we look to grow the business, Boyne’s considerable experience in the consumer products arena will accelerate our growth and the realization of our business plan. Aligning ourselves with a proven financial partner such as Boyne provides a solid foundation to promote our growth well into the future.”
Derek McDowell, Boyne’s Managing Partner stated, “We are excited about the acquisition of Catalina. We were impressed with the strength of the management team as well as its market position. We viewed Catalina as the classic ‘good company with a bad balance sheet’.”
Cole Taylor Bank provided the senior debt financing for the transaction. White & Case, LLP advised Evolution Lighting in the transaction.
Boyne is a private equity firm focused on acquiring companies generating between $2 million and $10 million of cash flow, founded by Derek McDowell and James Malone. Since its founding in 2006, Boyne Capital has established platform investments in the consumer product, healthcare, niche manufacturing and financial services industries. Boyne Capital is currently investing Boyne Capital Fund I, LP. Prior to co-founding Boyne Capital, Derek McDowell spent eight years as a partner with Trivest Partners, where he helped raise and manage Trivest Fund III, a $316 million fund. Prior to co-founding Boyne Capital, Mr. Malone founded Qorval, LLC, a Florida-based crisis management firm, serving the private equity and hedge fund communities. In addition, he has served as an operating partner for Rhone Capital, a mid-market buyout fund and as President and CEO for companies with combined annual revenues in excess of $11 billion.