NEW YORK, June 8, 2018 /PRNewswire/ — Aterian Advance Ally (“Aterian”), a clandestine disinterestedness firm, announces that one of its affiliates, Standard Appliance Accomplishment Company, LLC (“Standard”) has acquired Albany Industries, Inc. (“Albany”) to aggrandize into the anchored upholstery market, collectively acceptable one of the bigger value-oriented residential appliance players in North America.
Founded in 1995 by admired and admired industry veterans, Hugh and Richie McLarty, Albany has accustomed itself as a arch and trusted architect of value-oriented anchored upholstery furniture. The business has a accomplishment brand in Mississippi, Virginia, Vietnam, and Mexico with over 600 employees. Albany consistently provides its barter with high-quality sofas, sectionals, and recliners, at affordable prices utilizing its best in chic all-embracing and calm accumulation chain.
Richard “Richie” McLarty, President & CEO of Albany states, “This transaction and affiliation with Standard Appliance and Aterian will abide the eyes of the founders of Albany and the Employee-Owners, acceptance the business to abide to flourish. I accept calm both companies are stronger, with greater artefact across and bazaar opportunities. I am beholden of all the abutment of our customers, suppliers and advisers and attending advanced to actuality allotment of the Standard family.”
The aggregate of Standard Appliance and Albany Industries creates a top 10 industry adeptness with a abounding ambit of home capacity articles and services. Todd Evans, CEO of Standard Appliance said “Albany is an aberrant aggregation with an accomplished acceptability in the marketplace. Their anchored upholstery band is a abundant accompaniment to Standard’s case appurtenances band and will acquiesce the aggregation to greater serve its chump abject through its class abyss and breadth. Our barter are actual agog about the alliance of two bequest companies with commutual articles and administration teams……. we acceptable Richie and his team.”
Michael Fieldstone, Partner at Aterian, said “We could not be added admiring than to abutment two aberrant appliance families in the Hodgsons and McLartys as able-bodied as their corresponding administration teams in their connected efforts to account their abiding chump relationships bigger than ever. Together, the business will account from anniversary company’s accomplishment and architecture capabilities, all-encompassing accumulation chains and top cleft sales and business teams in their connected following of acceptable growth.”
Joshua Ciampa, Vice President at Aterian, adds “The transaction is a abundant archetype of Aterian’s adeptness to assassinate on circuitous situations as this transaction had an ESOP seller, all-embracing complexity, and assorted cardinal parties to adeptness acceding with above-mentioned to closing.”
Stump & Aggregation and Choate Hall & Stewart LLP brash the Agent on the transaction. Kirkland & Ellis LLP brash Aterian.
About Albany Industries
Headquartered in New Albany, Mississippi, Albany is a arch architect of value-oriented anchored upholstery to key retail partners. The business has a accomplishment brand in Mississippi, Virginia, Vietnam, and Mexico with over 600 employees.
For added information, amuse appointment http://albanyindustries.com/
About Standard Furniture
Standard Furniture, founded in 1946, is a arch designer, architect and importer of bedchamber collections, dining allowance collections, motion upholstery, accents and accessories. Standard is headquartered in Bay Minette, Alabama and employs about 750 bodies common with almost 2.5 actor sq. ft. of operating infrastructure.
For added information, amuse appointment https://www.standardfurniture.com
About Aterian Advance Partners
Aterian Advance Ally is an operationally-focused average bazaar clandestine disinterestedness firm, accouterment assets to added enhance operations, advance and advance initiatives. The close invests in businesses breeding $25 actor to $500 actor of anniversary acquirement with strong, accurate franchises. After authoritative an investment, Aterian, in affiliation with management, seeks to focus on the analytical growth, operational and clamminess initiatives of a business in an accomplishment to drive amount conception for all stakeholders.
Here’s What Industry Insiders Say About Standard Furniture – standard furniture – standard furniture
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