NEW YORK - Standard Furniture Manufacturing Co. LLC is expanding into the stationary upholstered furniture market with its acquisition of Albany Industries Inc.
Details of the transaction, announced June 8, were not released.
Founded in 1995 by industry veterans Hugh and Richard "Richie" McLarty, Albany produces value-oriented stationary and motion upholstery furniture, including sofas and sectionals, as well as recliners, under the brands Albany, Rexolution Chair and Sofab. Headquartered in New Albany, Mississippi, the company has more than 600 employees and more than 1 million square feet of manufacturing space spread across facilities in Mississippi, Virginia, Vietnam and Mexico.
"Albany is an exceptional company with an excellent reputation in the marketplace. Their stationary upholstery line is a great complement to Standard's case goods line and will allow the company to greater serve its customer base through its category depth and breadth," said Todd Evans, CEO of Standard Furniture. "Our customers are very enthusiastic about the marriage of two legacy companies with complementary products and management teams……. we welcome Richie and his team."
McLarty, president and CEO of Albany, said, "This transaction and partnership with Standard Furniture and Aterian will continue the vision of the founders of Albany and the employee-owners, allowing the business to continue to flourish. I believe together both companies are stronger, with greater product breadth and market opportunities. I am appreciative of all the support of our customers, suppliers and employees and look forward to being part of the Standard family."
Founded in 1946 and headquartered in Bay Minette, Alabama, Standard Furniture designs, manufactures and imports bedroom collections, dining room collections, motion upholstery, accents and accessories. The company has nearly 750 employees worldwide and approximately 2.5 million square feet of operating infrastructure.
Standard Furniture is an affiliate of Aterian Investment Partners. Michael Fieldstone, partner at Aterian, said "We could not be more pleased than to support two exceptional furniture families in the Hodgsons and McLartys, as well as their respective management teams, in their continued efforts to service their long-standing customer relationships better than ever. Together, the business will benefit from each company's manufacturing and design capabilities, extensive supply chains and top notch sales and marketing teams in their continued pursuit of sustainable growth."
Joshua Ciampa, vice president at Aterian, added, "The transaction is a great example of Aterian's ability to execute on complex situations as this transaction had an ESOP seller, international complexity, and multiple strategic parties to reach agreement with prior to closing."
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