MONROE, MI -- La-Z-Boy Inc. announced completion of the sale of its American of Martinsville subsidiary to Hancock Park Assoc., a Los Angeles-based private equity firm. Terms of the deal were not immediately disclosed.
American of Martinsville manufactures and supplies contract furnishings to the hospitality, senior living and government markets. It represented approximately 5% of La-Z-Boy's total revenue of $1.92 billion in the company's last fiscal year.
La-Z-Boy President and CEO Kurt Darrow said, "Our business model and long-term strategy are focused on providing comfortable and stylish furnishings for the home and therefore, we have made a number of changes over the past two years to better align our company's business units" with that model. While American of Martinsville is a great company and a leader in the hospitality arena, it is not core to our strategy as a residential company."
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