From Home Furnishing Business
RHF Investments Acquisition Bid for Heritage Home Group Brands Approved
Parent Company of Century Furniture and Hancock and Moore, Rock House Farm Family of Brands (RHF Investments Inc.), has announced that it has received final court approval of its bid to acquire substantially all assets of the Hickory Chair, Maitland Smith, Pearson, and La Barge furniture brands from Heritage Home Group, LLC.
The transaction is expected to close on or before Oct. 12.
“We are elated to be moving forward with the acquisition,” said Alex Shuford, III. “From our initial interest many months ago, and then throughout the bankruptcy process, we have remained focused on the team of dedicated Hickory Chair employees who have made these brands successful in our industry. Our primary role as new owners is to let this fine company do what they do best by not getting in their way…support them when asked…advise them when absolutely necessary…and to treat them like family.”
Heritage Home Group filed a petition in U.S. Bankruptcy Court in the District of Delaware in July to begin a restructuring process. RHF Investments became the stalking horse bidder at that time. That process concluded on Sept. 17 with no other bidders emerging.
Upon closing, the roughly 500 mostly N.C. employees of Hickory Chair, Maitland Smith, Pearson, and LaBarge will become employees of Hickory Chair, which will be owned by RHF Investments. The Shuford family of Hickory, N.C. owns and operates RHF.
“This is a transformative time in our industry,” said Shuford. “We are looking at tremendous change across the supplier, dealer and manufacturing landscape. We, at RHF feel that there is real value in family ownership for some of these storied brands, and we are fortunate to be in a position where we can “lean in” and help.”
Shuford continued, “At RHF, our mission is to build a family of brands that designers and retailers trust and want to do business with for years to come. While each of our companies is unique and self-directed, the common thread for all our businesses is to always strive to be honorable and trusted.”