Transaction advances capabilities and service sectors to include senior living and healthcare markets & expands footprint in Southeast U.S.
GRAND RAPIDS, Mich., Nov. 2, 2021 /PRNewswire/ — Blackford Capital, today announced the acquisition of ID Collaborative Inc.(IDC), an award-winning interior design firm recognized for its innovative work and deep understanding of the needs of continuing care retirement communities. Terms of the deal were not disclosed. The deal is Blackford’s third in the commercial interior design industry in 2021, following the acquisition of Georgia-based Design Environments and the merger of Vertically Integrated Projects and Boston Trade Interior Solutions.
“We are aggressively executing against our strategic plan to address the highly fragmented interior design and procurement industries to better serve our customers and the industry as a whole,” said Greg Kadens, Chief Executive Officer of Boston Trade. “We’re creating a turnkey resource that pairs deep design and interior architecture expertise with international procurement and sourcing experience, and IDC’s portfolio and specialization in senior living and healthcare advances this vision immediately.”
IDC will join Boston Trade Interior Solutions and Design Environments in Blackford’s professional interior design, procurement and FF&E supply group. As industry leaders in the hotel, single and multi-family and student living markets, these companies have grown exponentially in 2021. Boston Trade alone has experienced 3X-4X in revenue growth and 5X-6X in profitability in 2021.
Based in Greensboro, North Carolina, ID Collaborative brings 35 years of experience in commercial interior design and furniture procurement across five industries, with a focus on senior living, medical office and continuing care markets. IDC has completed high-profile projects across the Southeastern U.S., including The Glenaire campus expansion in Cary, NC, Twin Lakes Boland Center in Burlington, NC, and River Landing in Colfax, NC. IDC founder and CEO Nancy Borum will continue to serve as President of IDC once the transaction is completed.
“Joining Blackford’s interior design, procurement and FF&E group provides IDC with a great opportunity,” said Borum. “We’re adding significant depth to our global sourcing capabilities and will gain a deeper talent pool. With our collaboration and connection to the Blackford group and the additional companies in the Blackford group, we feel we will better serve our existing customers and allow us to grow and expand into new markets.”
Blackford Capital entered the commercial hospitality sector in 2017 with its initial acquisition of Snowhite Furnishings and textiles.
“This deal expands our footprint, adds considerable talent and broadens our category depth and experience,” said Martin Stein, founder and managing director of Blackford Capital. “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”
Dickinson Wright PLLC, Honigman LLP, and King & Spaulding LLP served as legal advisors. Mercantile Bank of Michigan served as the senior lender, Plante Moran provided deal structure and accounting services. Anderson LeNeave & Co served as investment banker and Carruthers & Roth, P.A. served as legal advisors to the seller.
About Boston Trade Interior Solutions
Boston Trade has provided interior design and furniture, fixtures, and equipment (FF&E) procurement solutions customized to the hospitality industry across the US since 1979. Boston Trade international merged with Vertically Integrated Projects on March 17, 2021. Headquartered in Bloomingdale, IL and with design and project management centers in Bloomingdale, Hudson, MA and Freemont, CA, Boston Trade Interior Solutions is a nationally recognized, industry leading, turnkey provider of professional design, procurement, project management and logistics services for the renovation and new construction of hospitality interiors. For more information, visit https://www.bostontrade.com/
About Design Environments
Design Environments, based in Marietta, Ga., is a nationally renowned interior design rm specializing in the interior architecture and merchandising of model homes, clubhouses, and amenity/sales facilities throughout the United States. Our highly skilled staff offers professional consultation in architectural detailing, space planning, lighting design and plan reviews through state-of-the-art CAD systems. The company also offers extensive warehousing and purchasing systems to ensure timely delivery and smooth installations. For more information visit http://www.designenvironments.com/
About ID Collaborative
ID Collaborative, Inc. (“IDC” or “the Company”), is one of the premier commercial furniture procurement and interior design firms in the United States. Founded in 1986, the Company is headquartered in Greensboro, North Carolina. IDC provides its furniture procurement and design services for clients throughout the Southeastern U.S. in the senior living, healthcare, multifamily, corporate, and hospitality sectors. For more information, visit https://idc.biz/
About Blackford Capital
Founded in 2010, Blackford Capital is a private equity investment firm headquartered in Grand Rapids, Michigan. Blackford Capital makes majority control investments in founder and family-owned, lower middle-market manufacturing, industrial and distribution companies. Currently, Blackford Capital has eleven portfolio companies. Blackford and their team members have received a number of recognitions over the past several years, including M&A Adviser Private Equity Firm of the year, Corp. Magazine Small Company of the Year (Michigan), GR Chamber of Commerce Small Business of the Year (West Michigan), numerous recognitions on the Inc. 5000 fastest growing private companies list and M&A Adviser Private Equity Professional of the Year (Martin Stein). For more information, visit www.blackfordcapital.com.
Lambert & Co.
SOURCE Blackford Capital