GRAND RAPIDS — Private equity firm Blackford Capital has added to its holdings in the hospitality sector with the acquisition of ID Collaborative Inc., a Greensboro, N.C.-based interior design firm.
ID Collaborative provides procurement and design services for clients throughout the Southeastern U.S. in the senior living, health care, multifamily, corporate and hospitality sectors.
The deal marks Blackford Capital’s third this year in the interior design industry. The firm previously bought the assets of Marietta, Ga.-based interior design and architecture firm Design Environments Corp. The acquisition came through Boston Trade Interior Solutions, a division of Blackford Capital’s Hospitality Consolidation Co. that provides interior design, procurement and project management services for the hospitality industry.
“This (ID Collaborative) deal expands our footprint, adds considerable talent and broadens our category depth and experience,” Martin Stein, founder and managing director of Blackford Capital, said in a statement. “At the core of this transaction is the desire to bring competencies and expertise together to deliver a better solution for our customers. The addition of IDC helps us further connect the dots between industries to fill an obvious void we feel exists in the market today. We intend to pursue further acquisitions in this space, as our customers look to Boston Trade to be the leader in the industry.”
Terms of the deal were undisclosed.
Dickinson Wright PLLC, Honigman LLP, and King & Spaulding LLP served as legal advisers on the deal. Mercantile Bank of Michigan served as senior lender, and Plante Moran provided deal structure and accounting services. Anderson LeNeave & Co served as investment banker and Carruthers & Roth P.A. served as legal advisers for the 35-year-old ID Collaborative.