FBI acquisition comes in at $303M
By Furniture Today Staff -- Furniture Today, January 6, 2002
ST. LOUIS — Furniture Brands International has completed its purchase of Drexel Heritage, Henredon and Maitland-Smith from LifeStyle Furnishings International.
The $303 million deal should make Furniture Brands the largest U.S. furniture manufacturer. According to LifeStyle, the three companies had sales of around $425 million in the 12 months ended Sept. 30.
Furniture Brands paid $175 million in cash and 4 million shares of its stock. For the cash portion, the company used $35 million of cash on hand and borrowed the rest through an existing credit facility.
The total value of $303 million, based on the company's closing stock price on Dec. 28, is higher than the $275 million announced in early December because the stock price has risen since then.
With the new companies, Furniture Brands would have had 2001 sales of about $2.3 billion, compared with about $2.1 billion in sales of current No. 1 manufacturer La-Z-Boy.
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