Solid Comfort

Family business looking for partner to support rapid growth.

Solid Comfort was recapitalized by Bell Bank

Founded in 1981 and based in Fargo, North Dakota, Solid Comfort is a premium designer and manufacturer of wood furniture and case goods for the hospitality industry. The Company’s products include: desks, dressers, credenzas, and headboards as well as kitchen cabinetry for extended-stay rooms with kitchenettes.

The Company designs and manufactures both stock and customer exclusive product lines for independent design and procurement firms and direct buyers, including Marriott International Inc. and Hilton Worldwide.

Situation Overview

Co-Owner and CEO Jason Larkin was looking for a partner who would provide him with liquidity and help him execute an aggressive growth plan.

I want to thank you guys for the past year. I’ve learned a lot about myself, my company, and the whole M&A process. I could not have found a more loyal, dedicated, passionate, professional, and experienced team to work with. You have gone over and above any expectations I could’ve ever imagined. You truly care about your customers. – Jason Larkin, Owner & CEO, Solid Comfort

M&A Transaction Process

Vermillion worked closely with Solid Comfort for several months to prepare the Company for sale before going to market. Vermillion advised Solid Comfort on several strategic initiatives and decisions, including:

  • Advised Solid Comfort on renegotiating terms with its largest strategic partner.
  • Advised Solid Comfort to engage an accounting firm to produce a sell-side Quality of Earnings Report.
  • Advised the Company’s management team on highly critical meetings with buyers and ensured they were prepared for all areas that buyers would be focused on.
Prospective Buyers Signed NDAs
First Round Bids

Result

Through a broad marketing process, Vermillion spoke with 100 prospective buyers and secured 14 first round bids. Based on market feedback and several significant near-term growth opportunities, Solid Comfort decided to retain 100 percent ownership and secure growth capital from Bell Bank.

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