Home Meridian Acquires Prime Resources International

January 25, 2010  by in UnCategorized   

By Home Furnishings Business in Acquisition on January 26, 2010 Case goods vendor Home Meridian International, High Point, closed the purchase last week of selected assets of Prime Resources International, a Chicago-based designer, importer and marketer of residential furniture.

Kevin Gallagher, will continue as president of PRI and will report to George Revington, president and CEO of Home Meridian International. Two other PRI executives, Vice President of Sales and Marketing Shawn Cantrell and Vice President of Asian Upholstery Operations Richard Knight also will continue with PRI after the acquisition.

With the deal, Home Meridian gains entry into the motion upholstery category, and also will benefit from PMI's existing sourcing relationships.

"Kevin has done a great job of designing and sourcing products for major retailers based on their unique design and service requirements," Revington said. "PRI has recently launched a promising motion upholstery business and is a good fit for HMI because it fills gaps in our product mix. Down markets provide a unique opportunity to gain market-share, grow our top line, fill product voids and increase profitability through efficiencies of scale. We are actively seeking additional acquisition opportunities that fit our strategic requirements."

"Our new relationship with HMI provides us with the capital, resources and credibility to rapidly expand our business," Gallagher said. "HMI has an industry best global operating system based on SAP and we can immediately tap into its infrastructure and broad base of distribution."

PRI will debut its new designs at the Las Vegas Furniture Market in February and will have a major showing at Pre-Market in High Point in March.

Home Meridian International is a global design and marketing company that ranks among the top 10 casegoods suppliers to US furniture retailers. Along with East and West Coast distribution centers, HMI has offices in Dongguan, China, and Ho Chi Minh City, Vietnam. It is the parent company of Pulaski Furniture, Samuel Lawrence Furniture, Samuel Lawrence Hospitality, Creation's juvenile furniture and now Prime Resources International.