National Tree Company Has Been Acquired by Sun Capital Partners

HOUSTON, December 2, 2019 — GulfStar Group is pleased to announce that National Christmas Products, Inc., d/b/a National Tree Company (“National Tree” or the “Company”), has been acquired by Sun Capital Partners, Inc. (“Sun Capital”). GulfStar served as the exclusive financial advisor to National Tree throughout the transaction, which closed on November 15, 2019.

Founded in 1990 and based in Cranford, New Jersey, National Tree is the recognized leader in the design, procurement, sale distribution and fulfillment of seasonal decor products, specializing in the Christmas Holiday. Products include lifelike trees, wreaths, garlands, shrubbery and decorative accessories. National Tree’s customer base includes the largest e-Commerce and brick and mortar retailers in the United States and Canada. With five dedicated facilities, and a growing 3PL network across North America, National Tree is far and away the scaled industry leader, with volume fulfillment capabilities that enable massive assortment expansion and inventory efficiencies for its customers.

“The entire National Tree family is thrilled to have successfully completed what we view as a landmark transaction for our business,” said Joe Puleo, President of National Tree. “Having the ability to rapidly grow our proven foundation into new segments and new markets, in partnership with a very strong capital partner, is incredibly exciting for our family and our team of cherished employees — many of which have been with us for decades. On behalf of the family, I would like to express our gratitude to the GulfStar team for their practiced guidance, which started before they were hired and has continued after the closing. It is very clear to us that they view a transaction as a truly personal matter, and given the vast complexities embedded in these deals, we can safely say that there is no way we could have done this without them.”

“This was another transaction of generational significance for GulfStar, as the Puleo family has dedicated their lives to being the premier provider of high quality artificial trees and associated holiday decor products for over 60 years. The extraordinary success of this business is founded in obvious artistic and technological design differentiation, and in the immense collective efforts of a talented team of dedicated employees who are visibly driven to re-set the industry standard for quality year after year,” said Scott Winship, Managing Director of GulfStar. “The Puleo family had both the foresight and the courage to make meaningful investments in a large-scale, full-service e-commerce platform well ahead of the market/channel evolution for the Company’s core products. In partnership with Sun Capital’s demonstrated resources and reach, National Tree will significantly accelerate the expansion of its dominant platform into both adjacent and new product categories across the four seasons.”

“We are truly honored that the Puleos selected GulfStar to guide them through this very important transaction, and specifically acknowledge the tireless, dedicated effort put forth by Joe, Rich and Sal from the starting line to the finish line,” added Winship.

The GulfStar team was led by Managing Director Scott Winship and Senior Vice President Ben Stanton along with Associate Alex Pette and Analyst Michael George Jadick.

About Sun Capital Partners
Sun Capital is a global private equity firm focused on identifying companies’ untapped potential and leveraging its deep operational and financial resources to transform results. Sun Capital is a trusted partner that is recognized for its investment and operational experience, including particular expertise in business and consumer services, healthcare, industrial and consumer sectors. Since 1995, Sun Capital has invested in more than 375 companies worldwide with revenues of approximately $50 billion across a broad range of industries and transaction structures. Sun Capital has offices in Boca Raton, Los Angeles and New York, and an affiliate with offices in London.

About GulfStar Group
GulfStar is a leading middle market investment bank headquartered in Houston. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, and general corporate finance advisory services to companies with revenues or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed more than 680 transactions in 35 states and 16 foreign countries across a variety of industries.