KPS Acquires Furniture Brands, Changes Name to Heritage Home
NEW YORK-KPS Capital Partners has acquired all of the assets of Furniture Brands International and it will operate as Heritage Home Group.
Also, KPS announced that Ira Glazer has been named president and CEO of Heritage Home Group. KPS described Glazer as "an executive with three decades of successful turnaround experience." Former Furniture Brands CEO Ralph Scozzafava has left the company.
Glazer will oversee Heritage Home Group brands including Thomasville, Broyhill, Lane, Drexel Heritage, Hickory Chair, Henredon, Pearson, Lane Venture, Maitland-Smith and LaBarge.
"I am honored to lead Heritage Home Group," Glazer said. "Free of Furniture Brands' burdens and liabilities, and with a rock-solid balance sheet and many outstanding associates who are joining our company, we have an exceptional opportunity to build a true industry leader."