New equity investor part-owner of Domain
Larry Thomas -- Furniture Today, July 2, 2007
Norwood, Mass. — Executives of asset disposition specialist Hudson Capital Partners have formed a private equity firm called Golden Acquisition LLC and have taken a minority stake in Top 100 company Domain Home.
Synergy Enterprises, a New Jersey private equity firm making its first foray in home furnishings, has a majority stake in the 27-store chain
The initial announcement of the sale of Domain to Synergy made no mention of Golden Acquisition's role in the purchase.
However, spokesmen for Golden and Synergy said last week that the two private equity firms, along with Domain founder and CEO Judy George, own a combined 85% stake. George, who will continue to lead the company, has an ownership stake of more than 10%.
Domain's former majority owner, United Kingdom-based Aga Enterprises, retains a 15% stake.
The newly formed Golden Acquisition will operate separately from Hudson Capital's asset disposition business.
"The genesis of Golden Acquisition draws upon the unparalleled retail industry knowledge and expertise of our team," said James Schaye, managing partner of Golden and president and CEO of Hudson. "With the Domain transaction, Golden Acquisition's 'buy and build' investment strategy is off to a very strong start."
Domain, based in Norwood, Mass., had estimated 2006 furniture, bedding and accessory sales of $66.3 million, a 10% drop from 2005's volume. With stores averaging about 5,800 square feet, it ranked No. 93 on Furniture/Today's latest list of the Top 100 U.S. Furniture Stores.
