A Boston interior design, procurement and project management firm owned by Grand Rapids-based Blackford Capital completed a merger that led to the creation of a new company serving the North American hospitality market.
Blackford Capital will jointly own Boston Trade Interior Solutions with the management teams at portfolio company Vertically Integrated Products in Bloomingdale, Ill., and Boston Trade International in Hudson, Mass.
Blackford Capital today announced the closing of a merger between Vertically Integrated Products and Boston Trade International and the formation of the new company. Blackford Capital acquired Vertically Integrated Products in January 2017.
“This is a bold investment in a compelling industry at a challenging time. With this transaction, we have combined two of the top companies into an industry-leader that is poised to offer even more value, more services, and more capabilities to our customers,” Martin Stein, board chairman of the newly formed Boston Trade Interior Solutions and the founder and managing director of Blackford Capital, said in a statement.
“We believe that the combination of Boston Trade and (Vertically Integrated Products) will create a highly innovative company that is at the forefront of sourcing, design, and service while being the most cost competitive option available” Stein said.
Dickinson Wright PLLC, Polsinelli PC, Honigman LLP, and King & Spaulding LLP served as legal advisors on the deal. Midland State Bank and Assurance Mezzanine Fund provided financing, Rush Street Capital provided capital advisory services, and Plante Moran provided deal structure and accounting services.
Terms of the deal were undisclosed.