From Home Furnishing Business
Deal Planned to Acquire Brook Furniture Rental
Brook Furniture Rental announced that it plans to close a transaction with Agman Partners, a multi-strategy investment firm representing the Silverman family of Chicago and Omaha, under which an affiliate of Agman will acquire all of the outstanding shares of Brook.
The transaction is subject to customary closing conditions and is expected to be completed by the end of the third quarter 2014.
“Brook has demonstrated strong, sustainable growth based on high quality standards, excellent management and its commitment to unflinching customer service," said Brian Morrissey, a senior advisor to Agman. "We look forward to working together with Brook’s team members, suppliers and customers as we invest in and support the company’s ongoing growth efforts.”
Brook will continue to operate as a stand-alone company, retain its current name and continue to be headquartered in the Chicago area. Its new board of directors will be chaired by Howard Scott Silverman, and include Brian Morrissey and Brook CEO Bob Crawford III.
“Agman’s long-term perspective provides Brook with significant financial and operating flexibility allowing Brook to drive growth to the next level,” Crawford said. “As a result of our partnership with Agman, Brook plans to strategically expand its footprint throughout the continental United States.”
Bob Crawford Jr., the company’s founder, announced that following the acquisition, he will retire from his position after a 35-year career with Brook. A new senior vice president, who will report directly to the CEO, will fill his current role.