Navis buys big stake in PMI Inc.
By Furniture Today Staff -- Furniture Today, April 20, 2008
Hickory, N.C. — Furniture, accessories and lighting source Theodore Alexander has announced that Navis Capital, a Malaysia-based private equity firm, has acquired a majority stake in its parent company, PMI Inc.
Paul Maitland-Smith, an industry pioneer in furniture and accessories importing, has retained a stake in the company and will continue to lead product design.
CEO Harvey Dondero and President Antony Maitland-Smith will run the company's operations. Sherrill Furniture will continue as exclusive distributor of the Theodore Alexander brand in North America.
"The restructuring of the shareholding, combined with the recent strengthening of our management team, allows me to devote more time to designing our product line," said Paul Maitland-Smith. "I am confident this will support Theodore Alexander's continued growth and success."
Dondero added that having "a financial partner like Navis Capital also gives us access to capital for expansion."
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