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| Coastal Ventures Limited Partnership not only supplied
the capital we needed to support the company, but assisted us with
screening and hiring a new CFO. They were a true partner in growing
our business. |
Christopher Bradley
President
Cuddledown Inc. |
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| Cuddledown Inc. |
Cuddledown, a 30-year old mail-order bedding business
based in Portland, Maine, started with a simple premise: the European
down comforters that founder Ellen Manson brought back from her travels
abroad were in demand domestically here in the United States. By 1985,
sales had grown to $1.2 million annually.
Manson sold the business to a new owner who let sales decline, and
in 1988 an investor group stepped in to turn the business around.
Since the company’s existing debt level meant they could not
approach traditional sources of financing, they turned to Coastal
Enterprises (CEI), a venture capital firm dedicated to growing Maine-based
businesses through debt and equity investments.
CEI secured $1.2 million in financing for Cuddledown in coordination
with Atlantic Bank, the Small Business Administration, and the Finance
Authority of Maine. When Cuddledown needed additional capital in 1998,
CEI’s Coastal Ventures Limited Partnership, a community development
venture capital fund, made an equity investment of $300,000.
These capital infusions have enabled the management of Cuddledown
to grow at more than 25% per year. It employs over 80 people, the
majority of whom are residents of Maine, and provides entry level
jobs, benefits and health insurance.
For more information about Cuddledown, please contact Chris Bradley
at ceo@cuddledown.com or visit
their website www.cuddledown.com.
Find an expert to assist
your small business with its financing needs. |
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