BASSETT, Va. - Bassett Furniture Industries has agreed to purchase certain Lane Venture operating assets for $15.5 million in cash. Owned by Heritage Home Group, Lane Venture specializes in outdoor home furnishings.

The acquisition was announced Dec. 18 and is expected to be finalized later this month. Details of the transaction were not disclosed.

"Lane Venture has been an important player in the outdoor furniture market since its inception in 1972," said Rob Spilman, chairman and CEO of Bassett.  "We have been contemplating our entry into the outdoor market for some time and we believe that Lane Venture is the appropriate platform to become a serious participant in this growing category."

Bassett (NASDAQ:BSET) specializes in wood and upholstered residential furniture. Spilman said the company will outline its plans for the Lane Venture brand in early 2018. "We look forward to working with the Lane Venture organization to build an exciting future," he added.

"Lane Venture is an exceptional brand that is uniquely dedicated to the growing premium outdoor furniture category," said Pierre de Villemejane, CEO of HHG. "As HHG focuses on its three newly formed business units - Broyhill, Thomasville & Co. and the Luxury Group - we are proud to have found a new owner for Lane Venture in Bassett."

This marks the second brand sale by Heritage Home Group in less than a month. The company's sale of Lane Furniture to United Furniture Industries was announced Nov. 22 and finalized earlier this month.

"Exiting the outdoor market will allow HHG to focus on its core indoor segments both domestically and internationally," Villemejane added. "Our entire HHG organization thanks the Lane Venture employees and designers for their dedication and wishes them continued success as a leader in the outdoor market."

Both Heritage Home Group and Bassett Furniture Industries are included in the FDMC 300 listing of largest North American wood products manufacturers.