CHARLOTTE, N.C. & KATY, Texas--(BUSINESS WIRE)--Summit Park is pleased to announce that it has led a recapitalization of Ledge Lounger Inc. (“Ledge” or “the Company”), the category creator and branded leader of in-pool furniture and accessories, in partnership with Digital Fuel Capital (“Digital Fuel”), and the Ledge management team.
Founded in 2011 by Christopher Anderson, Ledge created the in-pool furniture category with its iconic Signature Chaise and has since expanded the product set across the pool and backyard. The Company operates an omni-channel go-to market strategy leading with a direct-to-consumer (“D2C”) offering and maintaining a strong and growing relationship with the trade, retail and hospitality (“B2B”) channels. The Company has experienced rapid growth since inception and is poised to capitalize on the macro and secular trends in the outdoor consumer products sector.
Christopher Anderson, founder and CEO of Ledge, said “At Ledge we believe life’s most meaningful moments are created outdoors. Our partnership with Summit Park and Digital Fuel will allow us to continue to excel at creating stylish, functional and comfortable products that create meaningful moments for families in their own backyard and at resorts around the world. We are thrilled about the next chapter of growth and investment. There’s no doubt that the Summit Park and Digital Fuel teams bring significant consumer, home goods and e-commerce experience, which will help us excel and capitalize on the opportunity at hand. Both Summit Park and Digital Fuel understand our culture, product and vision, as well as the partnership we were looking for as a founder-owned business.” Ledge partner and COO, Dylan Schrader, added, “Today represents a tremendous milestone for Ledge and our Ledge family. Summit Park and Digital Fuel have a proven track record of accelerating growth and potential in entrepreneurial businesses. I am extremely excited for this partnership and the opportunities that lie ahead for our Ledge team and our amazing customers.”
Andrew Gilbert, Principal at Summit Park, said, “We are excited to partner with Chris, Dylan and the Ledge team to build upon the impressive growth they have achieved thus far. We believe that Ledge is uniquely positioned as the leading provider of in-pool furniture through the D2C and B2B channels, and we share the Company’s vision of growing through continuous product innovation to meet the needs of our customers.”
Carson Biederman, founder of Digital Fuel, added, “We believe that Ledge has significant opportunity to expand its digital marketing activities, and we look forward to working with the Company and Summit Park to enhance that capability and capitalize on their leading market position, differentiated products and significant runway in the outdoor consumer products category.”
The transaction is the eighth investment in Summit Park’s current fund, Summit Park III, which had a final closing in August of 2018. PennantPark Investment Advisers, LLC and Stellus Capital Management, LLC provided the debt financing for the transaction and McGuireWoods acted as legal counsel to Summit Park. Jefferies acted as financial advisor and Akin Gump Strauss Hauer & Feld LLP acted as legal counsel to the Ledge management team.
About Ledge Lounger
Ledge Lounger is an in-pool and outdoor furniture company founded in 2011 by Christopher Anderson. Since the introduction of their first in-pool Chaise, Ledge Lounger has grown to include patio furnishings, umbrellas, cabanas and outdoor games, all designed to withstand the harsh pool and outdoor environments. For more information, visit www.ledgeloungers.com
About Summit Park
Summit Park is a Charlotte, North Carolina-based private investment firm focused exclusively on the lower middle market. The firm invests across a range of industries, including services, consumer and industrial growth, in the Eastern half of the United States. The firm’s capital can be used to facilitate a change in ownership, to support expansion and growth, to provide partial liquidity to existing owners, or to support an industry consolidation plan. For more information, visit www.summitparkllc.com.
About Digital Fuel
Digital Fuel is a private equity firm focused on investing in leaders in e-commerce. Digital Fuel supports its portfolio companies in implementing direct-to-consumer best practices with a team of internal performance marketing, e-commerce and analytics resources. Digital Fuel has been an active investor in direct-to-consumer home-improvement, with historical investments including Renovation Brands, Guild Brands, RugsUSA and First Impression Ironworks. For more information, visit www.digitalfuelcapital.com.
