Los Angeles Business from bizjournals – 10:50 AM PDT Monday
Hancock Park Associates has purchased the American of Martinsville subsidiary from LA-Z-Boy Inc., the company said Monday.


Terms of the transaction were not disclosed. La-Z-Boy said the deal should provide a small gain that will be reported in its first quarter results to be released Aug. 15. La-Z-Boy said it sold the unit so that it could focus more on its home furnishing business.

Martinsville, Va.-based American of Martinsville is a manufacturer and supplier of contract furnishings to the hospitality, senior living and government markets. The division’s sales were 5 percent, around $100 million, of La-Z-Boy’s total sales of $1.92 billion in fiscal 2013, the company said.

La-Z-Boy Inc. (NYSE: LZB) is based in Monroe, Mich., and includes brands Bauhaus, Centurion, Clayton Marcus, England, La-Z-Boy, Sam Moore, American Drew, Hammary, Kincaid Lea and Pennsylvania House.

Los Angeles-based Hancock Park Associates is a private equity firm that invests in small to mid-size companies. It owns or holds investments in 14 companies, including American Furniture, Classic Party Rentals, Barcalounger, Stanton International and Omni Fitness, according to its Web site.