Sun Capital sells some of its FBI stake
By Heath E. Combs -- Furniture Today, March 16, 2009
BOCA RATON, FLA. — Investment firm Sun Capital Partners has trimmed its stake in Furniture Brands International by selling 711,853 shares of the company since Feb. 19, according to a Securities and Exchange Commission filing.
In January, Sun Capital had said that it was cutting back on equity investing in minority stakes in companies due to the substantial resources it requires, and that it would focus instead on buying distressed debt.
Last May, the firm's stake in Furniture Brands consisted of 4.6 million shares of stock. By March 6 of this year, its holdings had been reduced to 3.9 million shares or 7.9% of FBI's outstanding shares.
Sun Capital's furniture portfolio also includes manufacturers and importers Berkline BenchCraft, Lexington Home Brands, Powell and Rowe Fine Furniture.
T. Scott King, a managing director at Sun Capital who was one of three Sun nominees to win a seat on the Furniture Brands board after a proxy fight last year, resigned from the FBI board on Feb. 19 before completing his first annual term.
The reasons cited included a difference of opinion regarding the company's future executive compensation policies and practices, the company announced at the time.
Sun Capital's other nominees, Alan Schwartz, a Yale Law School professor, and Ira Kaplan, a former chief financial officer of Claire's Stores, remain on the board.
Sun Capital representatives were not available for comment last week.
Other large holders of FBI shares as of Feb. 27 included Samson Holding Ltd., with 7.2 million or 14.8% of outstanding shares; Fidelity Management and Research or FMR LLC, with 11%; Dimensional Fund Advisors with 8.4%; Donald A. Yactman with 6.7%; and Barclays Global Investors with 5.3%.
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