Hooker Furnishings enters outdoor category by acquiring Sunset West

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Hooker Furnishings enters outdoor category by acquiring Sunset West

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MARTINSVILLE, Va. — Hooker Furnishings has completed the acquisition of Sunset West, a leading West Coast-based manufacturer of outdoor furniture, in an all-cash transaction.

According to an SEC filing, the company acquired substantially all of the assets of Sunset West in exchange for $23.5 million in cash at closing, an additional $2 million subject to an escrow arrangement and possible earn-out payments to the Sunset West members up to an aggregate of $4 million, with the closing cash consideration subject to adjustment for customary working capital estimates.

The deal gives Hooker Furnishings immediate market share in the growing outdoor furniture segment of the industry.

Under terms of the deal, Sunset West’s management team and all the company’s employees will continue to serve its customers from its headquarters in Vista, Calif.

Jeremy Hoff, web

Jeremy Hoff

“As consumer lifestyle trends have shifted to spending more time outdoors, they want the same quality and design they have inside of their homes,” said Jeremy Hoff, Hooker Furnishings CEO. “The Sunset West brand and its people bring so much to the table by becoming part of the Hooker Furnishings family of brands. They are experts in the category who understand the market, the value proposition and product sourcing, giving us immediate credibility in the segment that it would have taken years to build ourselves.”

For more than 15 years, Sunset West has designed and manufactured comfortable, stylish and high-quality outdoor furniture.

Wes Stewart, web

Wes Stewart

According to Sunset West CEO Wes Stewart the transaction quickly enables his company to have warehousing and stronger distribution in the Eastern and central regions of the country, access to Hooker Furnishings high-traffic showroom in High Point and the opportunity to sell into its vast retail and interior design customer base.

Stewart founded the company to carry on a multigenerational family legacy in fine furnishings dating back to his grandmother.

Industry acquisition specialists Stump and company initiated the transaction and were advisers to Sunset West. Hooker Furnishings was represented by McGuire Woods.

Based in Martinsville, Va., Hooker Furnishings is ranked among the nation’s largest publicly traded furniture sources and encompasses 12 operating businesses: Hooker FurnitureHooker UpholsteryBradington-YoungSam Moore FurnitureShenandoah FurnitureH ContractAccentrics HomePulaski FurnitureSamuel Lawrence FurniturePrime Resource InternationalSamuel Lawrence Hospitality and HMIdea.



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Originally posted 2022-02-02 11:26:42.

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