Fireclay Tile Receives Significant Minority Investment from Provenance
LOS ANGELES, Oct. 26, 2021 /PRNewswire/ -- Fireclay Tile, a leading direct-to-consumer tile company known for its handmade, artisan-quality products and pioneering vision to use business as a force for good, today announced it has received a significant minority investment from Provenance, a growth equity investment firm based in Los Angeles. The partnership with Provenance will help Fireclay grow its omnichannel model by quadrupling its Northern California factory, broadening its investments in brand and digital, opening new retail showrooms, and devoting more resources toward the Company's ongoing commitment to make a positive impact on the community and planet.
"Eric Edelson and the team at Fireclay Tile have built an impressive business with a unique approach to their industry," said Anthony Choe, Founder of Provenance. "Fireclay's brand is second to none in the tile category and their digital-first, omnichannel model and dedication to customer service combines to provide a strong connection with residential and commercial clients across the United States."
"We are excited to partner with Eric and all 200 members of the growing Fireclay team," added Douglas Wigley, Vice President at Provenance. "We invest in great people building category-defining brands and Fireclay is a perfect example. The brand and product quality are elevated by the Company's track record as a B Corp and leader in sustainable, US-based manufacturing and we are pleased to support the strategic direction going forward."
"We are thrilled to welcome Douglas to our Board of Directors and Anthony, Paula, and the Provenance team to Fireclay. It's rare to find partners who are best-in-class in supporting digital first, consumer obsessed brands," commented Eric Edelson, Fireclay's CEO. "Provenance understands our mission and values, and their past success will only further strengthen our ability to do good and create a world class organization."
Founded in 1986, Fireclay Tile manufactures and sells handmade, artisan-quality tile direct to homeowners, interior designers, and commercial customers through the Company website, design consultants, and flagship retail showroom in San Francisco. Fireclay is on a mission to do good by crafting products intentionally, collaboratively, and transparently; an ethos supported by its status as a Certified B Corp and proven by the Company's continued investments in sustainable manufacturing practices, recycled materials, team compensation and benefits, and charitable giving. Fireclay Tile is proudly Made in America, Climate Neutral Certified, and on the path to become Zero Waste by the end of 2022.
Fireclay Tile, Inc. was advised by Brownstein Hyatt Farber Schreck LLP. Provenance was advised by Perkins Coie LLP.
About Fireclay Tile
Fireclay Tile is a 200 teammate, direct-to-customer U.S. tile manufacturer and retailer. Founded in 1986, the company has been handcrafting beautiful, sustainable Ceramic, Handpainted, Brick, and Glass Tile and pioneering a digital first experience that makes it easy to specify and purchase beautiful tile. Fireclay is the only US tile company recognized as a B Corp for how they use Business as a Force for Good, and today are 30% Teammate Owned. With an innovative product, an ambitious team, and an inspiring mission, Fireclay is changing the way you think about tile. To learn more please visit http://www.fireclaytile.com
About Provenance
Based in Los Angeles, Provenance is a growth equity firm focused on digitally-intensive omnichannel brands across all consumer categories. Utilizing a unique data-driven approach, Provenance was founded to assist an entire generation of brands navigating increasingly complex omnichannel growth strategies. Provenance seeks to partner with outstanding brands and management teams to help shape aggressive but prudent long-term growth strategies to maximize brand and enterprise value, while minimizing risk to the organization. To learn more, please visit https://www.provenance.digital/.
Contact:
Douglas Wigley
Provenance
[email protected]
310-388-8761
SOURCE Provenance
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