Matrix Capital Markets Group, Inc. Closes Recapitalization of Flowers Today, Inc.
RICHMOND, VA – November 28, 2005 – Matrix Capital Markets Group, Inc. announced today that it has successfully completed the recapitalization of Flowers Today, Inc., one of the largest marketers and sellers of flowers in the nation operating under the trade names Blooms USA, Flowers Sent Today and American Blooms. Woodside Funding Partners provided mezzanine capital and Mercantile-Safe Deposit and Trust Company provided senior debt financing to support the recapitalization.
The transaction took place in order to refinance certain liabilities, as well as provide growth capital for the company. George Dukas, Co-founder and CEO, remarked, “As shareholders of a rapidly growing private company, we determined that the market conditions were well suited for us to obtain additional capital to support both the Company’s organic growth as well as an external acquisition campaign.” Don Mayer, Co-founder and President, added, “The consummation of this deal will allow us to achieve our strategic corporate objectives for the next several years.”
According to Michael Morrison, Managing Director and Principal of Matrix Capital Markets Group, “The Flowers Today transaction is a very good representation of what is happening in the middle market today – strong performing, privately owned businesses are finding much success in accessing the senior debt and mezzanine capital communities in order to secure capital that will support future growth initiatives. Bill Kerkam, Vice President of Matrix Capital Markets Group, added, “Mercantile and Woodside worked well together to collaborate on a financing package that will allow Flowers Today to accelerate its acquisition strategy.”
Flowers Today, Inc. headquartered in Haymarket, VA, is the nation’s largest advertiser for flowers in the yellow pages under the floral heading, with advertisements appearing in over 375 million yellow page directories nationwide as well as on the Internet. The Company has achieved tremendous growth organically, as well as through acquisitions since its founding in 2000.
About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private-equity owned and publicly traded companies. Our primary advisory services include company sales, asset divestitures, recapitalizations, management buyouts, capital raises of debt & equity, corporate recovery, fairness opinions and valuations. Matrix has served clients in a wide range of industries, including industrial manufacturing and distribution, building products, business services, consumer products, healthcare, lumber and petroleum marketing & distribution. For additional information, please visit www.matrixcmg.com.
Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.