DENVER — Lion Equity Partners, a private equity firm based here, reports that its affiliate, Lion Equity Holdings II LLC, has acquired T-Y Group and Harbor Linen from Bed Bath & Beyond Inc.
Terms of the deal were not disclosed.
TY-Harbor distributes quality linens, terry, amenities, case goods and apparel to businesses in the global hospitality and healthcare industries.
Lion Equity Partners says TY-Harbor will be merged with its existing portfolio company, Riegel Linen, an importer, manufacturer and supplier of tablecloths, napkins, sheets, towels, bedding and other linens.
“Over its 48-year history, TY-Harbor has distinguished itself through the highest levels of quality, customer service and product innovation,” says Lion Equity Co-Founder and Partner Jim Levitas.
“The company is a highly strategic fit with our existing portfolio company, Riegel Linen. The combination will form an industry-leading provider of textiles and amenities for hotels, cruise lines, restaurants, commercial laundries, linen suppliers and healthcare facilities.”
Chris Nelson, the current president of TY-Harbor, will become CEO of the combined TY-Harbor/Riegel Linen entity.
“The merger of TY-Harbor and Riegel Linen is going to be a huge benefit to our combined customer base,” he says. “We will be a true one-stop-shop with service, products and distribution that are second to none. I am so excited to work with a very experienced management team to lead the employees of both companies as we work as one business to serve our customers.”
Bill Josey, CEO of Riegel Linen adds, “This transaction is a win for our customers, our associates and our partners.
“The combined company is going to leverage Riegel Linen’s quality, service, and heritage and match it with TY-Harbor’s extensive product portfolio and distribution to become an industry powerhouse.”
Lion Equity Partners Completes Acquisition of Riegel Linen, Nov. 6, 2019