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TorQuest Partners Acquires Home Furniture Manufacturer Prepac
Friday 15 March 2019

15 March 2019 - Canadian private equity fund manager TorQuest Partners has acquired ready-to-assemble home furniture manufacturer Prepac Manufacturing Ltd., the firm said.

Prepac's furniture is sold exclusively through online retailers.

The company was founded in 1979 by Steve Simpson, and is based in Delta, British Columbia. The company originated as a shelving manufacturer, selling its products through traditional brick and mortar retailers and hardware stores.

In the late 1990s, Prepac was an early mover into the online retail space and began drop-shipping its products directly from its manufacturing facility to the end-customer's doorstep.

Since then, the company has significantly expanded its operations and now sells its bedroom, multimedia, home office, entryway and storage products exclusively through the largest online furniture retailers in North America including Amazon, Wayfair and Walmart.

Prepac will continue to be run by the company's president, Jim Mathison, and the senior management team, all of whom are partner investors in the transaction. Steve Simpson, the company's founder, will also retain a significant investment in the business and will sit on the board of directors.

Established in 1979, Prepac is a Canadian-based designer and manufacturer of affordable, high-quality RTA furniture. Prepac runs a manufacturing facility in Delta, British Columbia with impressive order-to-ship times of 6-48 hours, on thousands of orders, daily.

Prepac products are sold through online retailers across North America.

Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than CDN 2bn of equity capital under management, TorQuest is currently investing from TorQuest Partners Fund IV, a USD 925m fund that closed in June 2016.

TorQuest invests in middle market companies.
Details
Date Published: 15/03/2019
Target: Prepac Manufacturing Ltd
Country: USA
Sector: Furniture/Decorations/Home Furnishings
Type: LBO
Financing:
Status: Closed
Vendor:
Buyer: TorQuest Partners
Comment:
Terms of the deal were not disclosed

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