Mud Pie is a leading designer, marketer, and wholesaler of branded gifts, décor, accessories, and apparel for women and children.


Mud Pie’s shareholder was seeking a financial partner who could provide her with partial liquidity through a recapitalization and help facilitate the company’s rapid growth trajectory. Since the founder would maintain her role as CEO after the recapitalization, she wanted a partner who would value, preserve, and “fit” the company’s culture. For this shareholder, Lineage’s collaborative partnership approach and unique recapitalization structure that allowed her to retain control of the Board of Directors were critical differentiators.

During Lineage’s investment period, Mud Pie rapidly expanded and positioned itself for long-term sustainable growth. Lineage encouraged management to expand the breadth and depth of the company’s capabilities, and assisted in the creation and recruitment of key positions in product development, sales, and operational functions. Mud Pie was advised and helped to enhance efficiencies through a move to a larger distribution facility and the implementation of a comprehensive ERP system. Additionally, we worked closely with Mud Pie’s team to ensure the company’s legacy and culture were maintained during the significant evolutionary change in the business.


Mud Pie’s revenues and EBITDA more than doubled—entirely through organic growth—during Lineage’s investment period. With unmatched design and product development capabilities and a strong and committed management team, the company is extremely well positioned to continue its impressive growth. After evaluating a range of strategic alternatives for Lineage’s exit, a debt recapitalization was executed that enabled Mud Pie’s founder to regain ownership of Lineage’s stake and provided a highly attractive, market value return for Lineage.

Investment Date: April 2010
Exit Date: May 2015