“We are very excited about our new partnership with Mason Wells,” Mike Nally, CEO and president of EastPoint, said. “Their experience successfully building consumer products companies will provide EastPoint with the resources necessary to support our long-term growth initiatives.”
Under terms of the deal, EastPoint will be owned by Mason Wells, the Nally family, senior management, board members and Bounds Equity Partners.
“We are very impressed with EastPoint’s strong management team and employees, unique sourcing infrastructure, and innovative product development capabilities,” said Chris Pummill, director at Mason Wells. “These key factors, along with strong customer and vendor relationships, have enabled the business to achieve remarkable growth during the last decade. We are pleased that Mike Nally will continue to lead the business. We also look forward to supporting the team as they expand EastPoint’s retail and e-commerce relationships and develop new products.”
EastPoint is headquartered in New Jersey, has an office in Shanghai and occupies third-party warehouses in California and Ontario, Canada.
Financial terms were not disclosed.
PNC Business Credit and Patriot Capital provided debt financing for the deal and Godfrey & Kahn served as legal counsel to Mason Wells.