Execs, Sun Capital close Lexington deal
By Powell Slaughter -- Furniture Today, April 14, 2002
Lexington, N.C. — A Lexington Home Brands management group and its equity partner, Sun Capital Partners, closed the purchase of the full-line major from LifeStyle Furnishings International last week.
The purchase price was not disclosed. The announcement was made at a ceremony Friday at Lexington Home Brands' headquarters here with many of Lexington's 3,200 employees.
The completion of the transaction before this week's High Point market allows Lexington to concentrate fully on its customers at the show, said Bob Stec, president and chief executive officer.
"We have tremendous business momentum going into this market, and completing this sale only adds to that energy," he said. "We now hold our future in our own hands and I am confident of our associates' ability to make that future a bright reality."
The Lexington sale marks the final chapter in LifeStyle's efforts over the past year to spin off its operating companies.
Earlier this month, LFI closed the sale of its BenchCraft and Berkline upholstery divisions to a trio of Berkline executives; completed a deal to sell its Robert Allen upholstery and fabric group to Décor Holdings, an affiliate of Corber Corp.; and finalized the sale of high-end fabric producer Sunbury to a management group.
Late last year, LFI sold its high-end Henredon, Drexel Heritage and Maitland-Smith case goods and occasional divisions to Furniture Brands International.
In June 2001, Chinese manufacturer Lacquercraft acquired Universal from LFI.
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