heritage home group
LENOIR, N.C. - Heritage Home Group (HHG), former owners of the Broyhill, Thomasville, Drexel, and Henredon furniture groups, is selling its assets in a live auction December 12 and 13. Tons of machinery and equipment is up for grabs. Items include CNC machining centers from Weeke; lumber stackers, finger jointing, edgebanders, and tenoners from USNR, Grecon, Medalist Challoner, Fletcher, and Homag; planers, sanders, and saws from Timesavers, Heeseman, Mereen-Johnson, Diehl, Holzma, Benco, SCMI; glue equipment from Rosenquist, Wemhoner, Black Brothers, Taylor, and Dodds; veneer equipment from Ompec, Torwegge, Kuper, and Diehl; miscellaneous equipment from Weinig, Weeke, and Vecoplan; forklifts and more. The auction will take place on-site and online. Registration and more information can be found here.
In August, HHG filed a WARN Act notice in North Carolina affecting 712 employees at its Lenoir Upholstery and Lenoir Case facilities when an initial attempt to identify a buyer and sell the Broyhill and Thomasville & Co. business groups fell through. In the interim between the Aug. 28 announcement and today's announcement, a new stalking horse bidder was identified as a newly formed entity ABG and SB360. Authentic Brands Group is a brand development, marketing, and entertainment company, which owns a global portfolio of entertainment and lifestyle brands. SB360 Capital Partners is a consulting, business evaluation, asset acquisition, and asset disposition firms.
This agreement relates only to the Thomasville & Co. and Broyhill brands, and does not affect the previously announced agreement for HHG's Luxury Group business unit by an affiliate of RHF Investments. The Luxury Group includes the Hickory Chair, Maitland-Smith and Pearson brands and related operations. In addition to the newly formed entity Hickory Chair LLC, RHF is the parent company of Century Furniture, Hancock & Moore and Highland House.
It was on July 30 that HHG announced parent company, HH Global II BV, and the related U.S. affiliates had filed petitions in U.S. Bankruptcy Court for the District of Delaware to begin the restructuring process and allow for the completion of the sales. The Chapter 11 filing by HHG showed estimated assets and liabilities in the range of $100 million to $500 million.
HHG became a giant in the residential furniture industry in November 2013 following the purchase by KPS of the bankrupt Furniture Brands International. The company began selling off its brands last year, beginning with Lane business to United Furniture Industries in November. HHG followed that up in December with the sale of certain Lane Venture operating assets to Basset Furniture Industries.
HIGH POINT - Heritage Home Group (HHG) announced that its remaining brands - Broyhill, Thomasville, Drexel, and Henredon furniture groups - will go to separate bidders.
The company's chief restructuring officer Robert Albergotti released this statement:
The Company hosted an auction for the sale of its Thomasville & Co. (including Thomasville, Drexel and Henredon) and Broyhill business lines.
HIGH POINT - Heritage Home Group announced it has signed an agreement to sell its Broyhill and Thomasville & Co. business groups to a newly formed entity of Authentic Brands Group and SB360 Capital Partners LLC. Identified as the stalking horse bidder, the ABG/SB360 entity has entered a baseline bid of $22 million for the furniture brands, which also include the Drexel and Henredon brands, and related intellectual property assets. The court-supervised auction is expected to take place within the next 60 days.
HIGH POINT - Heritage Home Group's sale of its Broyhill and Thomasville & Co. business units are still under negotiation as the furniture company says it is unable to reach an agreement with the potential buyer. The company has scheduled an auction for Sept. 20.
HIGH POINT - The Chapter 11 filing by Broyhill and Thomasville & Co. parent Heritage Home Group shows estimated assets and liabilities in the range of $100 million to $500 million. Earlier today the residential furniture giant announced it had filed a petition in U.S. Bankruptcy Court for the District of Delaware to begin restructuring as it sells its remaining iconic brands.
Heritage Home Group is selling the company's Broyhill, Thomasville & Co. and Luxury Group business units as the residential furniture giant files Chapter 11 bankruptcy.
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.
Heritage Home Group is selling its Lane Furniture business to United Furniture Industries, including Lane's 750,000-sq.ft. upholstery plant and 202,000 sq.ft. Royal Development recliner mechanism facility.
The Board of Directors of Heritage Home Group, LLC named Pierre de Villeméjane as President and Chief Executive Officer. Mr. de Villeméjane has served as a member of HHG’s Board of Directors since the Company was created in November 2013.
By Bill Esler