Lexington Home Brands to Acquire Sligh Furniture
September 26, 2011,
HIGH POINT, N.C.-Lexington Home Brands has reached a definitive agreement to acquire Sligh Furniture Company.
The transaction, slated to close in October, will give Lexington a major presence in the home office and home entertainment categories while adding a well-respected brand to its portfolio which includes Lexington, Tommy Bahama Home and Henry Link Trading Co.
Sligh Furniture Company was founded in 1880 and is known for its innovation in the home office and home entertainment categories. Sligh designers have earned seven Pinnacle Awards for outstanding design from the American Society of Furniture Designers.
"Lexington has a strong position in the upper-middle price points," said Phil Haney, president and CEO of Lexington Home Brands. "We have earned consistent and significant market share gains in the face of a tough economy by delivering great product. While our lifestyle collections currently include a broad assortment of home office and home entertainment products, the addition of Sligh to our brand portfolio will position us to become a core vendor in these categories for our dealers. Further, the addition of Rob Sligh to our executive team will prove a tremendous asset."
Rob Sligh, the fourth generation president of Sligh Furniture Company, will continue in that role under the new ownership structure. He will take on additional executive management responsibilities at Lexington as senior vice president of business development and will be based out of the Lexington corporate center in High Point.
"With a family legacy that spans 131 years, and strong dealer relationships that have been the foundation of our success, it was important to me to identify the right partner as we begin an exciting new growth phase for our company," Rob Sligh said. "The team at Lexington shares my core values, understanding the importance of product innovation, brand management, aggressive marketing and dealer relationships. They bring rock-solid financial resources, best-in-class operational support and the leverage of scale. In order to compete in a global environment and provide superior value for our retailers and consumers, it was in our best interest to partner with a proven industry leader."
The Sligh product line will be stocked and shipped out of the Lexington distribution complex in North Carolina. Product development, marketing, customer service and credit functions will be managed from the Lexington corporate center. At the upcoming High Point Market, Lexington will be building out a dedicated showroom area for the Sligh presentation on the second floor of its 100,000-square-foot showroom campus in Thomasville, N.C.