I.o. Metro Sold To Private Equity Group

I.O. Metro, which describes itself as a specialty lifestyle furniture retailer, will be acquired by Consumer Growth Partners (CGP), a leading retail-focused private equity firm, and an investor group that includes Banyan Mezzanine Funds and Arkansas-based Diamond State Ventures.

Terms of the private transaction were not disclosed.

I.O. Metro, a privately held company headquartered in Lowell, Arkansas, was founded in 2005 by Jay Howard and Bill and Helen Benton and currently operates 21 stores across eight states in the Midwest and South. The store primarily sells exclusively developed lines of modern and eclectic furniture, art and accessories.
 
“I.O. METRO is incredibly excited about the opportunity to partner with such experienced retail investors,” said CEO Jay Howard. “It is important to note that all current owners, as well as the entire management team, will be part of the new company. This collaboration will allow us to accelerate our expansion strategy, which includes plans to triple the company’s size in the next five years.”
 
Consumer Growth Partners has offices in White Plains, New York and Kansas City, Missouri.  It is an independent private equity sponsor with an exclusive focus on investments in the specialty retail and branded consumer products sectors.

Banyan is based in Miami, Florida, and Diamond State Ventures is an Arkansas-based venture capital group that invests in lower middle-market companies located in Arkansas and across the Midwest and Southeast U.S.