Tully & Holland Announces Sale of Cuddledown To Potpourri Group
Wellesley, MA - December 31, 2012 - Tully & Holland, Inc. is pleased to announce another successful sell-side M&A assignment in the direct marketing sector. Tully & Holland advised Cuddledown in its sale to Potpourri Holdings, Inc., a portfolio company of American Capital, Ltd. (NASDAQ: ACAS). Potpourri is a leading catalog and internet retailer of apparel and gifts sold through over a dozen individual titles, including Potpourri, Northstyle, Expressions, and In the Company of Dogs.
Cuddledown, a multichannel marketer of bedding, comforters, pillows and apparel was founded in 1973 as one of the first U.S.manufacturers and marketers of down bedding. Cuddledown has grown steadily since it was purchased by an investor group led by Chris Bradley in 1988. Headquartered in Yarmouth, ME, Cuddledown, through various subsidiaries, markets cozy and luxurious bedding and apparel to individuals, hotels, and luxury retailers.
With this acquisition Potpourri recognized the opportunity to expand their product offering and diversify their customer base while complementing the Cuddledown brand. According to Jonathan Fleischmann, the Chief Executive Officer of the Potpourri Group, "Cuddledown has developed a top-tier product offering and a loyal customer base over the past forty years. The addition of Cuddledown will substantially expand Potpourri's unique ability to provide consumers with quality products for the home every day".