MARTINSVILLE, Va. — Hooker Furnishings has accomplished the acquisition of Sundown West, a number one West Coast-based producer of out of doors furnishings, in an all-cash transaction.
In line with an SEC submitting, the corporate acquired considerably the entire belongings of Sundown West in trade for $23.5 million in money at closing, an extra $2 million topic to an escrow association and attainable earn-out funds to the Sundown West members as much as an combination of $4 million, with the closing money consideration topic to adjustment for customary working capital estimates.
The deal offers Hooker Furnishings quick market share within the rising out of doors furnishings phase of the business.
Underneath phrases of the deal, Sundown West’s administration group and all the corporate’s workers will proceed to serve its clients from its headquarters in Vista, Calif.
Jeremy Hoff
“As client life-style tendencies have shifted to spending extra time open air, they need the identical high quality and design they’ve inside their properties,” stated Jeremy Hoff, Hooker Furnishings CEO. “The Sundown West model and its individuals deliver a lot to the desk by changing into a part of the Hooker Furnishings household of manufacturers. They’re specialists within the class who perceive the market, the worth proposition and product sourcing, giving us quick credibility within the phase that it will have taken years to construct ourselves.”
For greater than 15 years, Sundown West has designed and manufactured comfy, trendy and high-quality out of doors furnishings.
Wes Stewart
In line with Sundown West CEO Wes Stewart the transaction shortly permits his firm to have warehousing and stronger distribution within the Japanese and central areas of the nation, entry to Hooker Furnishings high-traffic showroom in Excessive Level and the chance to promote into its huge retail and inside design buyer base.
Stewart based the corporate to hold on a multigenerational household legacy in wonderful furnishings relationship again to his grandmother.
Trade acquisition specialists Stump and Firm initiated the transaction and had been advisers to Sundown West. Hooker Furnishings was represented by McGuire Woods.
Primarily based in Martinsville, Va., Hooker Furnishings is ranked among the many nation’s largest publicly traded furnishings sources and encompasses 12 working companies: Hooker Furniture, Hooker Upholstery, Bradington-Young, Sam Moore Furniture, Shenandoah Furniture, H Contract, Accentrics Home, Pulaski Furniture, Samuel Lawrence Furniture, Prime Resource International, Samuel Lawrence Hospitality and HMIdea.
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