LuxeYard to Acquire Bari Leather Furniture

June 26, 2012  by in UnCategorized   

By Home Furnishings Business in Acquisition on June 27, 2012

The flash sale Web site LuxeYard  (OTCQB: LUXR), has agreed to acquire Bari Leather Furniture, an ecommerce Web site specializing in high-end leather furniture.

The proposed transaction is subject to the completion of due diligence and other closing conditions.

"Bari Leather Furniture's time-proven product mix speaks to a wide range of consumers and fits in perfectly with our goal of building a world-class brand that speaks to a luxury consumer looking for the finest items available," said Steve Beauregard, COO of LuxeYard. "The expertise and credibility that Bari Leather Furniture has established in the online leather furniture market over the past decade will be a great addition to LuxeYard."

Bari Leather Furniture's strong customer focus, with flexible financing options and return policy, has led to a loyal following and solid customer base. For 2012, Bari Leather Furniture has projected revenues of $10 million.

Upon commencement of the acquisition, Bari Leather Furniture co-presidents Lou Ferris and Tom Tilaro will continue to manage the Bari brand and will leverage their experience in the category to further augment the LuxeYard brand.

"We are achieving growth at LuxeYard by organically building on our core assets and layering on strategic complimentary acquisitions that add heft and expertise," said Braden Richter, CEO. "Our recent capital raise, which is outlined in our registration statement with the SEC on Form S-1 filed last week, provides us with the flexibility to be opportunistic, and we are in discussions with several companies regarding potential strategic acquisitions. In this manner we intend to not only increase revenues, but also enhance margins and profitability by quickly integrating these assets, building expertise, leveraging efficiencies and reducing any redundancies, all with a goal of increasing sustainable shareholder value."