Through a new company, ABG and an entity controlled by Jay Schottenstein called SB360 Capital Partners, finalized the purchase of the Thomasville, Henredon and Drexel brands. The deal will see the entity own and manage the intellectual property of the three brands. ABG owns a majority stake of the acquisition and has expanded its portfolio of brands into the home space for the first time.
“We are excited to complete the purchase of Thomasville, Drexel and Henredon,” says Jamie Salter, chairman and chief executive officer, ABG. “The addition of these American heritage brands brings a new industry of focus to our already robust portfolio. We are thrilled to now be a part of the home furnishings landscape.”
The company had also acquired the intellectual property of the Broyhill brand, which was sold to a U.S. realtor.
“We are pleased to welcome ABG to the home furnishings industry,” says Jay Schottenstein, chairman and chief executive officer, Schottenstein Stores Corporation, American Signature/Value City Furniture, and SB360 Capital Partners. “We look forward to leveraging their strengths with our operational expertise to drive the growth of the Heritage Home brands.”