Bassett Furniture Industries Inc. said Dec. 18 that it will acquire certain assets of Heritage Home Group LLC's outdoor furniture brand Lane Venture for $15.5 million in cash, part of Bassett's strategy to move into the outdoor furniture market.
"Lane Venture has been an important player in the outdoor furniture market since its inception in 1972," said Robert Spilman, chairman, CEO and president of Bassett Furniture. "We have been contemplating our entry into the outdoor market for some time and we believe that Lane Venture is the appropriate platform to become a serious participant in this growing category."
Bassett said it expects the deal to close later in December. Spilman said the company will outline its plans for the outdoor furniture brand in early 2018.
The sale marks the Heritage Home Group's exit from the outdoor furniture market. Heritage Home Group's CEO Pierre de Villemejane said that exiting the outdoor market will allow the company to "focus on its core indoor segments both domestically and internationally," according to the Bassett Furniture release.
Heritage Home Group has sold other parts of the Lane Furniture brand as it moves to strengthen its core business, which the company recently divided into three segments — Broyhill, Thomasville & Co. and the Luxury Group. In November, Heritage Home Group agreed to sell certain Lane Furniture manufacturing rights to United Furniture Industries Inc., said Zach Bryant, Heritage Home Group spokesman.