Hooker closes Bradington-Young purchase
By Furniture Today Staff -- Furniture Today, January 13, 2003
Martinsville, Va. — Case goods manufacturer and importer Hooker Furniture has closed its acquisition of leather upholstery producer Bradington-Young.
The deal, announced in October, is for $24.5 million in cash less assumed debt, subject to a net working capital adjustment. In fiscal 2002, the companies had combined sales of almost $300 million.
In addition, Hooker has added two members to its board of directors — Alan Cole, former president and chief executive officer of manufacturer LifeStyle Furnishings International, and Robert Taylor, president and general manager of Sherwin-Williams' chemical coatings division.
Paul Toms Jr., Hooker chairman and CEO, said Cole brings a wealth of upholstery experience that will be valuable as Hooker integrates Bradington-Young into the company. Before heading LifeStyle, which sold the last of its furniture companies last year, Cole had been president of motion upholstery specialist Berkline, and vice president and general manager of Broyhill's upholstery division.
Before joining Sherwin-Williams, Taylor was president and chief operating officer of finish supplier Lilly Inds., now part of Valspar, and was an executive with finish supplier Akzo Nobel. Toms said Taylor's experience with offshore and domestic furniture manufacturing will serve Hooker well as it expands in both arenas.
