NEW YORK, NY (June 8, 2018) — Aterian Investment Partners (“Aterian”), a private equity firm, announces that one of its affiliates, Standard Furniture Manufacturing Company, LLC (“Standard”) has acquired Albany Industries, Inc. (“Albany”) to expand into the stationary upholstery market, collectively becoming one of the largest value-oriented residential furniture players in North America.
Founded in 1995 by respected and admired industry veterans, Hugh and Richie McLarty, Albany has established itself as a leading and trusted manufacturer of value-oriented stationary upholstery furniture. The business has a manufacturing footprint in Mississippi, Virginia, Vietnam, and Mexico with over 600 employees. Albany consistently provides its customers with high-quality sofas, sectionals, and recliners, at affordable prices utilizing its best in class international and domestic supply chain.
Richard “Richie” McLarty, President & CEO of Albany states, “This transaction and partnership with Standard Furniture and Aterian will continue the vision of the founders of Albany and the Employee-Owners, allowing the business to continue to flourish. I believe together both companies are stronger, with greater product breadth and market opportunities. I am appreciative of all the support of our customers, suppliers and employees and look forward to being part of the Standard family.”
The combination of Standard Furniture and Albany Industries creates a top 10 industry resource with a full range of home furnishing products and services. Todd Evans, CEO of Standard Furniture said “Albany is an exceptional company with an excellent reputation in the marketplace. Their stationary upholstery line is a great complement to Standard’s case goods line and will allow the company to greater serve its customer base through its category depth and breadth. Our customers are very enthusiastic about the marriage of two legacy companies with complementary products and management teams……. we welcome Richie and his team.”
Michael Fieldstone, Partner at Aterian, said “We could not be more pleased than to support two exceptional furniture families in the Hodgsons and McLartys as well as their respective management teams in their continued efforts to service their long-standing customer relationships better than ever. Together, the business will benefit from each company’s manufacturing and design capabilities, extensive supply chains and top notch sales and marketing teams in their continued pursuit of sustainable growth.”
Joshua Ciampa, Vice President at Aterian, adds “The transaction is a great example of Aterian’s ability to execute on complex situations as this transaction had an ESOP seller, international complexity, and multiple strategic parties to reach agreement with prior to closing.”
Stump & Company and Choate Hall & Stewart LLP advised the Seller on the transaction. Kirkland & Ellis LLP advised Aterian.
About Albany Industries
Headquartered in New Albany, Mississippi, Albany is a leading manufacturer of value-oriented stationary upholstery to key retail partners. The business has a manufacturing footprint in Mississippi, Virginia, Vietnam, and Mexico with over 600 employees.
For more information, please visit http://albanyindustries.com/
About Standard Furniture
Standard Furniture, founded in 1946, is a leading designer, manufacturer and importer of bedroom collections, dining room collections, motion upholstery, accents and accessories. Standard is headquartered in Bay Minette, Alabama and employs nearly 750 people worldwide with roughly 2.5 million sq. ft. of operating infrastructure.
For more information, please visit https://www.standardfurniture.com
About Aterian Investment Partners
Aterian Investment Partners is an operationally-focused middle market private equity firm, providing resources to further enhance operations, growth and investment initiatives. The firm invests in businesses generating $25 million to $500 million of annual revenue with strong, proven franchises. After making an investment, Aterian, in partnership with management, seeks to focus on the critical growth, operational and liquidity initiatives of a business in an effort to drive value creation for all stakeholders.
For more information, please visit http://www.aterianpartners.com