Larry Thomas
\nMONROE, Mich. \u00e2\u20ac\u201d La-Z-Boy announced Monday that it has sold its American of Martinsville contract furniture subsidiary to Hancock Park Associates, a Los Angeles-based private equity firm.
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\nTerms of the deal were not disclosed, but La-Z-Boy said it probably will result in a small gain that will be reported when the company announces results for its fiscal first quarter on Aug. 15.<\/p>\n
Kurt Darrow, La-Z-Boy chairman and CEO, said the company opted to sell the business in order to maintain its focus on residential furniture.<\/p>\n
\u00e2\u20ac\u0153While American of Martinsville is a great company and a leader in the hospitality arena, it is not core to our strategy as a residential company,\u00e2\u20ac\u009d Darrow said. \u00e2\u20ac\u0153We are confident American of Martinsville will maintain its leadership position in the hospitality industry under its new ownership.\u00e2\u20ac\u009d<\/p>\n
The contract furnishings company is based in Martinsville, Va., and was acquired by La-Z-Boy in January 2000 as part of its buyout of Ladd Furniture. Its sales for the fiscal year ended in April were about $96 million, or roughly 5% of La-Z-Boy\u00e2\u20ac\u2122s total revenue.<\/p>\n
American of Martinsville President Noel Chitwood, who is remaining with the company, said the transaction will give it the financial resources it needs to continue the growth it has experienced the past two years.<\/p>\n
\u00e2\u20ac\u0153The proven operational strengths and management support for which Hancock Park is known will mesh nicely with our business strategies going forward,\u00e2\u20ac\u009d Chitwood said.<\/p>\n
American of Martinsville makes case goods, upholstery and accessories for hotels, motels, assisted living centers and government installations.<\/p>\n","protected":false},"excerpt":{"rendered":"
Larry Thomas MONROE, Mich. \u00e2\u20ac\u201d La-Z-Boy announced Monday that it has sold its American of Martinsville contract furniture subsidiary to Hancock Park Associates, a Los Angeles-based private equity firm.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-1443","post","type-post","status-publish","format-standard","hentry","category-furniture-world-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/1443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=1443"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/1443\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=1443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=1443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=1443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}