DENVER, Colo. — October 26, 2020 — Lion Equity Partners, a Denver-based private equity firm specializing in acquiring corporate carve-outs, announced that its affiliate, Lion Equity Holdings II LLC, acquired T-Y Group and Harbor Linen (TY-Harbor) from Bed Bath & Beyond Inc.
TY-Harbor distributes quality linens, terry, amenities, case goods and apparel to world-class businesses in the global hospitality and healthcare industries. TY-Harbor will be merged with Lion Equity Partners’ existing portfolio company, Riegel Linen, a leading 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,” said Lion Equity Cofounder 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. He said: “The merger of TY-Harbor and Riegel Linen is going to be a huge benefit to our combined customer base. 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, added: “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.”
Posted October 26, 2020
Source: Lion Equity Partners