Dymas new majority owner of Home Meridian
By Larry Thomas -- Furniture Today, January 11, 2009
HIGH POINT — Home Meridian International has completed a recapitalization with its current investors and lenders that has resulted in Chicago-based Dymas Capital Management becoming majority owner.
Dymas, an affiliate of Cerberus Capital Management, previously held a minority stake in Home Meridian.
“With our strong balance sheet and additional capital, Home Meridian will be able to operate even more aggressively and grow its sales with enhanced products, sharp pricing, focused sales efforts and dependable service levels,” said George Revington, president and CEO.
Home Meridian is the parent of Pulaski, SLF, juvenile furniture resource Creations and contract furniture producer SLH (Samuel Lawrence Hospitality).
Revington said Dymas acquired the equity stake held by the former majority owner, Quad-C Management. After the recapitalization, Quad-C now owns a portion of Home Meridian's debt but no longer has an equity position, he said.
Bank of America and CIT, the company's lenders, also played a key role in the transaction, he said.
“Dymas has been a great partner for several years and their intentions are to create long-term value by growing the company,” added Doug Townsend, Home Meridian's chief financial officer.
Revington said the recapitalization, coupled with recent consolidation of business systems into the corporate office in High Point, will allow the company to look at acquisitions.
“With the hard work of consolidation behind us, we are looking forward to playing offense in the coming year,” he said.
Home Meridian's divisions operate independently but utilize its integrated operations and distribution systems.
Home Meridian buys Prime Resources assets
01/31/2010Home Meridian completes recapitalization
01/07/2009Home Meridian hires 3 hospitality execs
11/10/2007
