EUGENE, OR - Renwood Opportunities Fund says it acquired the assets of States Industries Inc.of Eugene, OR, a designer and manufacturer of wood panels and components used in furniture, store fixtures, and architectural interiors. Headed by president Diane Montoya, the 45-year-old States Industries was privately held and employs 400 in hardwood panel production. Its proprietary ApplePly panel and other veneered wood products and components are manufactured in plants in Mocksville, NC and Eugene.
Renwood acquired the senior debt of States Industries in August 2010, and in conjunction with States entering Chapter 11, provided Debtor-in-Possession financing. The investment allowed the reconstituted States Industries to emerge as States Industries LLC.
States Industries created its component manufacturing division in 1989 processing basic panel stocks into fully machined, edgebanded and finished parts for many of the leading furniture cabinet and fixture manufacturers. States Industries says it pioneered the concept of mill finished hardwood panels with NOVA products in 1993.
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