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.