Evercore and Financo | Raymond James acted as financial advisors and McDermott Will & Emery LLP acted as legal advisor to RugsUSA. Paul Hastings LLP acted as legal advisor to Francisco Partners. Barclays, Jefferies Finance LLC, Deutsche Bank and Stifel provided committed debt financing for this transaction.
RugsUSA, a leading e-commerce provider of area rugs and home décor products, announced that Francisco Partners, a leading global investment firm that specializes in partnering with technology businesses, has signed a definitive agreement to make a growth investment in the business. As part of the transaction, Comvest Partners, an operationally-focused private investment firm, will sell its majority position to Francisco Partners and retain a minority stake in the business. The pending transaction is expected to close later in 2021.
Koorosh Yaraghi, Founder of RugsUSA, and Comvest Partners will retain a minority stake in RugsUSA.
Private Equity Partner Dana Kromm (Picture) led the Paul Hastings team, which also included associate Tiffany Jones.
Law Firms: Paul Hastings LLP;
Clients: Francisco Partners;