COMMERCE, CA - Nova LifeStyle Inc. has completed its acquisition of Hong Kong-based furniture maker Bright Swallow International Group Ltd. Nova LifeStyle President Tawny Lam announced the news March 18.
The purchase price is $6.5 million in cash. Under the terms of the deal released March 20, Nova receives all shares of Bright Swallow from former owner Zhu Wei. The acquisition is expected to be completed at the end of March or in early April.
Bright Swallow joins other China-based Nova LifeStyle brands Colorful World, Giorgio Mobili, Ming Ma, 1Sofa and Wo Zhi Bao. The company also produces residential furniture in the United States under the Diamond Sofa brand.
In a news statement, the company said the Bright Swallow acquisition will enable it to expand its overall global market presence. Bright Swallow's client base includes The Brick Ltd., a Canadian-based home improvement center with more than 200 locations. Fiscal 2012 revenues for Bright Swallow were slightly more than $14 million.
Headquartered in California, Nova LifeStyle Inc. designs and manufacturers residential furniture, including: sofas, dining rooms, cabinets, bedrooms, and accessories in matching collections. Products are manufactured in the United States, Europ and Asia.
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