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Lexington buyers find equity partner

By Furniture Today Staff -- Furniture Today, March 17, 2002

LEXINGTON, N.C. — The management group seeking to buy Lexington Home Brands from LifeStyle Furnishings International has found an equity partner in Sun Capital Partners, a Boca Raton, Fla.-based private investment firm.

Sun Capital focuses on leveraged buyouts and has invested in some 30 companies with combined revenues of over $2 billion. Except for two lighting companies, none are in home furnishings.

"We are impressed with Sun Capital's ability to move quickly and effectively, allowing Lexington to concentrate on the April market and the important second-half selling season," said Bob Stec, president and chief executive officer of Lexington.

The management-led buyout is proceeding according to schedule, Stec said, and should close before market. When the deal is complete, Lexington will announce the core group of management owners.

Dan Timberlake, chief operating officer and general counsel for Bob Timberlake Inc., licensor of Lexington's flagship Bob Timberlake line, said he still has questions about Lexington.

"We have concern's about management's ability in the long term," he said. "But we'll do everything we can to make sure Lexington employees' jobs are secure."

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