New financing to expand First Pacific's reach
Powell Slaughter -- Furniture Today, March 13, 2005
Mission Viejo, Calif. — First Pacific Furniture, parent company of high-end occasional importer J.D. Young & Sons, has closed a financing package it says will support the company's expansion into a variety of price points.
J.D. Young & Sons opened last year as a division of First Pacific Furniture, an OEM supplier.
The new financing arrangement through Burch Investment Group of Nashville, Tenn., is made up of half equity investment and half bank debt. The company said the equity portion was sold to a closely held group of investors and represents a minority stake in the business. The company did not disclose the amount of the financing.
In addition, Bill Andrews, a 20-year business associate of J.D. Young, president of J.D. Young & Sons, will become chairman of parent company First Pacific Furniture. Andrews will have a small equity position in the company.
"J.D. Young & Sons will continue to carry high-end products," Young said. "We have a strategy to develop other price points under the umbrella of First Pacific Furniture."
Young said lower- and mid-price products will appear under different brand names toward the end of the year.
J.D. Young has a High Point showroom at 200 N. Hamilton St. Last year, it showed armoires, servers, bookcases, tables, chests and bars from the Philippines, many in exotic veneer, carving and marquetry treatments. The company has warehousing in Ontario, Calif., and Archdale, N.C.
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