Global, plant owner merge
By Furniture Today Staff -- Furniture Today, July 4, 2005
Hickory, N.C. — Case goods importer Global Furniture has merged with Venture Properties, owner of a 900,000-square-foot former Singer furniture facility in Trumann, Ark.
That location has housed Global's general office and distribution functions since Global President Jack DeBonis and Vice President James Jones acquired majority ownership of Global in March 2002. DeBonis and Jones also owned Venture Properties.
Under the new structure, DeBonis and Jones have a majority interest in the combined entity, while Global's original founders, Richard Chapin and Jim Cundick, retain a minority share.
DeBonis, Jones and Chapin now form the board of directors, while Cundick will continue his involvement as an advisor to the board. Chapin will continue to serve as chief design consultant.
"The Venture real estate, valued at $8.3 million, makes a significant contribution to Global's capital structure," DeBonis said. "The company is growing rapidly, and it is important that we maintain the financial strength necessary to sustain our growth on into the future."
Global sources and markets solid-wood furniture under the Heirloom Traditions brand.
