Hooker Furniture Completes Home Meridian Acquisition

February 2, 2016  by in Acquisition, Industry   

The acquisition, the largest in Hooker’s history, more than doubles the company’s sales volume.

The combined companies had revenues over the trailing 12 months, ending Oct. 31, in excess of $550 million.  During the same time period, operating income for the combined companies, which includes approximately $3.5 million of deal-related costs, was $35.6 million.

Earlier this year, Hooker agreed to acquire substantially all of the assets and certain liabilities of HMI for $100 million—$85 million in cash and $15 million of newly issued Hooker stock.

HMI will operate as a division of Hooker and will be led by George Revington, HMI's former president and CEO, and his management team, with no visible changes to customers of either company.

"We are greatly pleased to have the individual companies that comprise Home Meridian become part of our Hooker Furniture stable of companies," said Paul B. Toms Jr., Hooker chairman and CEO. "Pulaski Furniture, Samuel Lawrence Furniture, Prime Resources, Sourcing Solutions Group, Right 2 Home and Samuel Lawrence Hospitality are all vibrant businesses addressing more moderate points and channels of distribution not currently served by Hooker Furniture, Sam Moore, Bradington-Young, Homeware and/or H Contract.”

HMI's headquarters will continue to be located in High Point, and Hooker Furniture's headquarters will remain in Martinsville, Va.

The combined global footprint of the companies include upholstery manufacturing facilities and corporate offices in North Carolina and Virginia, showrooms in High Point and Ho Chi Minh City, Vietnam and eight distribution centers in North Carolina, Virginia, California and Vietnam. Combined, the companies have about 900 employees.