Home Meridian buys Prime Resources assets
By Gary Evans -- Furniture Today, February 1, 2010
HIGH POINT —
Major case goods supplier Home Meridian International said it has purchased certain assets of Prime Resources International, a Wheeling, Ill.-based importer of wood furniture and leather seating.
Kevin Gallagher will continue as president of PRI and report to George Revington, president and CEO of Home Meridian.
In announcing the sale, which closed Wednesday, Revington said, “Kevin has done a great job of designing and sourcing products for major retailers based on their unique design and service requirements. PRI has recently launched a promising motion upholstery business and is a good fit for HMI because it fills gaps in our product mix.”
He said many of Prime Resources' wood products will be rolled into the Home Meridian line with the thrust of PRI's emphasis in motion, particularly in leather.
Home Meridian also is the parent of SLF/Samuel Lawrence Furniture and Pulaski Furniture.
Revington said the sagging economy has provided “a unique opportunity to gain market share, grow our top line, fill product voids and increase profitability through efficiencies of scale. We are actively seeking additional acquisition opportunities that fit our strategic requirements.”
Gallagher said the relationship with Home Meridian provides PRI with “the capital, resources and credibility to rapidly expand our business. HMI has an industry best global operating system based on SAP and we can immediately tap into its infrastructure and broad base of distribution.”
Gallagher said Prime Resources' Shawn Cantrell, vice president of sales and marketing, and Richard Knight, vice president of Asian upholstery operations, also will stay with the newly merged company.
Revington said Prime Resources' Wheeling offices will be closed, although Gallagher will maintain an office in the Chicago area.
On a related note, Ed Tashjian has been named chief marketing officer for Home Meridian, effective this week. Tashjian was previously vice president of marketing for Century Furniture.
Prime Resources will introduce its new designs at the Las Vegas Furniture Market this week and also will show at the High Point premarket in March. Prime Resources' showrooms are adjacent to Home Meridian's in both Las Vegas.
In Las Vegas, SLF and Pulaski show in World Market Center C-1401.
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Home Meridian acquires Prime Resources assets
Jan 22, 2010
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