Blackford Capital, a lower-middle-market private equity firm based in Grand Rapids, Michigan, has acquired LTD Online Stores Inc., a patio furniture e-commerce business and wholesale distributor that markets and sells middle to high-end furniture through wholesale/drop-shipping, a direct-to-consumer website and a retail storefront located in San Diego.
LTD is the third addition to Blackford’s Patio Portfolio in the past year, joining Artificial Turf Supply and Starfire Direct as it evolves to become a one-stop shop for all outdoor living needs within the backyard consumer segment.
“Expanding our Patio offerings to include high-end patio furniture has been a critical target since the platform’s inception in 2022,” says Paul Doyle, managing director at Blackford Capital and chairman of the Patio Portfolio. “LTD has maintained an impressive growth trajectory before, during and beyond Covid due, in large part, to their high-quality furniture, sales channels and diverse customer base. We’re excited to welcome LTD to the Patio Platform and look forward to expanding our highly diversified product mix across a proven omnichannel distribution network.”
Ben Harvey, LTD president of wholesale and retail, and LTD Online President Todd Harmon will both maintain their roles following the acquisition. In 2008, LTD began designing, manufacturing, and selling its own products, before opening a retail showroom in 2017.
“For the past 15 years, we have built LTD and our brands Patio Productions and Harmonia Living into an all-inclusive, one stop furniture shopping destination, with a goal of providing our customers with only the finest outdoor furniture the web has to offer,” said LTD’s Harmon. “Teaming up with a like-minded partner like Blackford Capital, with its performance history and strong leadership team, not only expands LTD’s reach and product offerings but furthers our dream of being a leader in this space.”
Today, LTD serves a wide-ranging customer base through three distinct channels: e-commerce, retail showrooms and its wholesale segment. LTD’s channel and customer diversification, including sales through various large e-commerce retailers, combined with favorable market conditions that are expected to be sustainable through the coming years, have helped the business maintain steady product pricing, revenue and margin improvements beyond Covid, the company said in a news release.
“This acquisition furthers our goal of consolidating our suite of portfolio companies dedicated to ‘curating the backyard’ and sets us up to accelerate growth and gain market share within the growing backyard consumer segment,” says Doyle.
Website Closers served as exclusive financial adviser and Aegis Law served as legal adviser to LTD. Varnum LLP served as legal adviser and Rehmann served as the financial and tax adviser to Blackford. Mercantile Bank of Michigan provided debt in support of the transaction.
