On May 18, 2010, Argosy Private Equity invested in Southerland, Inc. Headquartered in Nashville, TN, and founded in 1893, Southerland is a value-oriented, mattress manufacturer servicing the Southeast, Southwest and Midwest regions of the United States. Through its Southerland, Elizabeth Jordan, Sleep Xpressions, Estate, Refresh and 8M product lines, the Company maintains relationships with over 450 customers, including strong relationships with some of the largest mattress retailers in the United States.
Led by three seasoned industry executives, Southerland is well-positioned to expand on its current market position and take advantage of attractive industry dynamics. Argosy provided most of the junior capital, investing $6.0 million in subordinated debt. In addition, management invested alongside Argosy. Argosy’s financing funded the purchase of Southerland from the Southerland family by an Employee Stock Ownership Plan (“ESOP”).