Lexington Home Brands Sold to Two Shanghai-Based Firms

January 9, 2017  by Larry Thomas in Business Strategy, Industry   

Lexington officials said the transaction, which closed Jan. 6, would not result in any changes in day-to-day operations and said the current senior management team would remain in place.

The purchase price was not disclosed, and officials did not reveal the specific ownership stakes of private equity firm Yixing Capital and retailer Luolai Lifestyle Technology.

“We’ve enjoyed a long and mutually beneficial relationship with the team at Sun Capital,” said Phil Haney, president and CEO of Lexington Home Brands. “They have been terrific partners, fully supporting the growth and acquisition initiatives that have allowed us to gain market share and expand into complementary lines of business like outdoor living with Tommy Bahama, home office and media solutions with Sligh, and decorative accents and custom dining with Artistica.

“While the relationship has proven an ideal scenario for both parties, private equity investments involve an exit strategy, and the timing was appropriate for us to identify a new financial partner.”

Haney said the ownership change will allow the company to further expand its domestic business through organic growth and acquisitions, and said it creates “significant international growth opportunities.”

“We had two very specific objectives in identifying the right business partner,” Haney added. “The first was to ensure a seamless transition for our employees. The second was to ensure continuity of the business for our retail partners. I am pleased that both were accomplished.”