KPS Finalizes Furniture Brands Buy, Launches Heritage Home
November 27, 2013
The U.S. Bankruptcy Court approved KPS Capital Partners' acquisition of Furniture Brands International, which will operate as Heritage Home Group going forward. Ira Glazer, who has partnered with KPS previously and has three decades of turnaround experience, has been named president and CEO of the new company. KPS inked a $280 million asset purchase agreement to buy Furniture Brands out of bankruptcy in October, beating out a rival bid by Oaktree Capital Management, which had pledged a $140 million debtor-in-possession facility to acquire the company, including $50 million of new liquidity. GE Capital and PNC Bank provided financing for the KPS transaction.