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Brown Jordan International Hires Lazard to Explore Strategic Alternatives
ST. AUGUSTINE, Fla.-(Business Wire)-June 18, 2008 - Brown Jordan International, the premier designer of luxury and upscale outdoor furnishings, today announced that its Board of Directors has decided to evaluate strategic alternatives for the Company, including a possible sale, and has retained investment banking firm Lazard to help it in this process.
"This is the right time in the Company's development to pursue new opportunities," said Gene Moriarty, Chief Executive Officer. "Brown Jordan is performing very well. Over the past several years, our intense focus on streamlining our supply chain, design excellence, and customer service have enabled us to strengthen our position as the leader in our industry. We continue to introduce new products and expand our presence with new customers, laying the foundation for further strong growth in 2008 and the years to follow. People across the Company have brought remarkable innovation, creativity, and dedication to their work."
"We have been very pleased with the progress that Brown Jordan International has made during the past several years," said Board member Wayne Teetsel, Partner at Stonehill Capital Management. "With its strong management and employees, the Company has enjoyed both operational and competitive strength and has developed a broad product line that has been well-received by retailers and consumers. As Brown Jordan International makes plans to enter the next phase of its growth, we feel it is the appropriate time to consider alternatives that will continue to provide the Company with strong financial support while realizing value for our own investors."
About Brown Jordan International
Brown Jordan International, Inc., is the premier designer, manufacturer and marketer of upscale outdoor furnishings for retail and commercial customers under the brand names Brown Jordan, Winston, La-Z-Boy Outdoor, Wabash Valley, Texacraft, and Tropic Craft. Generating approximately $325 million of net sales and $50 million of EBITDA in 2007, Brown Jordan International serves customers primarily in the U.S. through mass merchandisers as well as specialty retailers and other channels. Based in St. Augustine, Florida, Brown Jordan International has offices and manufacturing facilities located both domestically and internationally.
This press release contains statements which are forward-looking statements within the meaning of applicable federal securities laws and are based upon the Company's current expectations and assumptions which are subject to a number of risks and uncertainties which could cause actual results to materially differ from those anticipated.
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