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From Home Furnishing Business

Bassett Agrees to Buy Lane Venture from Heritage Home

Heritage Home Group said Monday it has agreed to sell outdoor furniture line Lane Venture to Bassett Furniture Inds. (NASDAQ: BSET)

The $15.5 million deal is Heritage Home’s second major asset sale in recent weeks, and marks Bassett’s entry into the outdoor furniture category.

“Lane Venture is an exceptional brand that is uniquely dedicated to the growing premium outdoor furniture category. As HHG focuses on its three newly formed business units - Broyhill, Thomasville & Co. and the Luxury Group - we are proud to have found a new owner for Lane Venture in Bassett. Exiting the outdoor market will allow HHG to focus on its core indoor segments both domestically and internationally,” said Pierre de Villemejane, CEO of HHG.

“Our entire HHG organization thanks the Lane Venture employees and designers for their dedication and wishes them continued success as a leader in the outdoor market,” he added.

The companies expect the sale to close before the end of the year.

“Lane Venture has been an important player in the outdoor furniture market since its inception in 1972,” said Rob Spilman, chairman and CEO of Bassett.  “We have been contemplating our entry into the outdoor market for some time and we believe that Lane Venture is the appropriate platform to become a serious participant in this growing category.”

“After completion of the sale and a full assessment of the opportunities that lie ahead, we will outline our plans for the brand in detail in early 2018.  We look forward to working with the Lane Venture organization to build an exciting future,” Spilman said.

Less than a month ago, Heritage Home sold its Lane Furniture business to United Furniture Inds. That deal included a Lane factory in Mississippi and a recliner mechanism plant in High Point, N.C.

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