Light­ing and ac­ces­sories re­tailer re­cap­i­tal­izes

Co-owner of Shades of Light buys some shares from part­ner in store

Richmond Times-Dispatch - - BUSINESS - BY SEAN GOR­MAN Richmond Times-Dis­patch sgor­man@timesdis­patch.com (804) 649-6885

The Shades of Light light­ing and ac­ces­sories re­tailer has made a change to its cap­i­tal struc­ture.

The Ch­ester­field County-based com­pany pur­chased some of the shares once owned by Chris Me­nasco, ac­cord­ing to Bryan John­son, the CEO of Shades of Light.

After the trans­ac­tion, Me­nasco still main­tains a sig­nif­i­cant mi­nor­ity stake in the com­pany, John­son said.

John­son and Me­nasco ac­quired Shades of Light from the com­pany’s founder in 2011.

The trans­ac­tion, an­nounced this month, in­volved a re­cap­i­tal­iza­tion where the com­pany took on debt to pur­chase a por­tion of Me­nasco’s shares, John­son said, adding that no eq­uity stake was used. John­son de­clined to spec­ify how much debt was taken out dur­ing the trans­ac­tion.

John­son said the trans­ac­tion was a friendly one, adding that Me­nasco had al­ready pulled back on his in­volve­ment with the com­pany some­time last year.

“I am fo­cused on busi­ness as usual,” John­son said.

Me­nasco could not im­me­di­ately be reached for com­ment.

Shades of Light sells chan­de­liers, lamps and other light­ing fix­tures as well as rugs, wall decor and other home fur­nish­ings from its store, web­site and cat­a­log.

Its main show­room is at 4924 W. Broad St. across from the Wil­low Lawn shop­ping cen­ter. Shades of Light also op­er­ates the Dec­o­rat­ing Out­let store at 9912 Mid­loth­ian Turn­pike in Ch­ester­field.

The com­pany’s head­quar­ters is at 14001 Jus­tice Road in Mid­loth­ian.

Ma­trix Cap­i­tal Mar­kets Group Inc., a Richmond-based in­vest­ment bank, helped Shades of Light raise the cap­i­tal needed for the trans­ac­tion. David Shoul­ders, a man­ag­ing di­rec­tor at the in­vest­ment bank, han­dled the trans­ac­tion along with other of­fi­cials for Shades of Light.

John­son and Me­nasco were in­vest­ment bankers when they pur­chased Shades of Light from founder Ash­ton Harrison, who started the busi­ness in 1986.

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