Prospect Hill Growth Partners Announces Majority Investment in Lifestyle Solutions
WALTHAM, MA, July 6, 2021 – Prospect Hill Growth Partners (“PHGP”), a private equity firm focused on North American consumer and healthcare growth companies, is pleased to announce its investment in Lifestyle Solutions, a leading drop-ship supplier of upholstered home furnishings in the e-commerce channel. PHGP acquired a majority stake in Lifestyle Solutions, with significant retained ownership from selling shareholders, including founder Sean Pathiratne. CEO Ana Arun continues to lead the Company and, together with PHGP, will look to continue strong growth through expanded relationships with key channel partners, new product development, and scaling the supply chain and logistics network. Since PHGP’s investment, the Company has completed several key hires, including CFO Chris Folena and three e-commerce focused relationship managers, and also opened a new distribution facility in the Southeast.
This is PHGP’s second transaction in the e-commerce drop-shipping sector and reflects the Firm’s belief in the continued consumer evolution towards digital commerce. The investment in Lifestyle Solutions also represents the fifth investment in Prospect Hill Growth Fund II, LP where the Firm invested as the first majority equity capital alongside the founding management team. We are actively searching for investments across the digital ecosystem including branded DTC, value-added marketplace sellers, and brands transitioning from physical to digital.
Ropes & Gray acted as legal counsel to Prospect Hill Growth Partners. Stubbs, Alderton, and Markiles, LLP served as legal advisor and Sawaya Partners served as financial advisor to Lifestyle Solutions.