On January 6th, 2016 Hooker Furniture Corporation announced it’s acquisition of Home Meridian for $100 million, pending regulatory approval. The purchase will more than double the company’s revenue and marks the largest acquisition in the company’s history.
Paul B. Toms Jr., Hooker Furniture’s Chairman and CEO says HMI’s “Pulaski Furniture (PFC), Samuel Lawrence Furniture (SLF), Prime Resources (PRI), Sourcing Solutions Group (SSG), Right 2 Home (RTH) and Samuel Lawrence Hospitality (SLH) are all vibrant, well-run businesses addressing more moderate price points and some channels of distribution not currently served by the Hooker Furniture, Sam Moore, Bradington-Young, Homeware and/or H Contract brands.” Operations will continue separately and not affect distribution, the territory structure, or sales force.
Combined sales for the twelve months ending October 31, 2015 exceeded $550 million. Toms said of the deal, “we do see opportunity to improve each company by sharing best practices and looking for ways to work together to lower costs, improve efficiency and grow sales.”