Hooker Furniture announced it has completed the acquisition of the assets of Opus Designs Furniture, LLC (Opus), a specialist in moderately-priced youth bedroom furniture.
Effective, Hooker Furniture's professional sales organization will be representing the Opus product line, and all service and operational support for the line will come from Hooker Furniture Corporation. The product will be sold under the Opus Designs brand.
When Hooker announced in October it had signed a letter of intent to purchase Opus, Chairman and Chief Executive Officer Paul Toms said the "acquisition will provide a solid foundation for Hooker to build a strong youth bedroom program at more moderate price points, with a more comprehensive product line and superior sourcing arrangements compared to the Company's current SmartKids youth furniture line."
In the last two-and-a-half years, Opus has grown from a start-up company to a $5 million-plus business. Opus has 12 groups covering all the key style bases in youth bedroom, including cottage, pine, Victorian and transitional.
"With the boost in professional sales representation and corporate financial and systems support that Hooker can offer, we should be able to grow our youth furniture business nicely over the next five years," Toms said.
"Opus has aligned themselves with several of the top producers in Asia, enabling us to improve our delivery, product flow, quality and product selection in our youth line to our dealers through this acquisition."
The $5.1 million cash transaction is subject to a net working capital adjustment. James Millner, who has overseen design and product development of the Opus product, will be employed by Hooker as Vice President, Merchandising & Design concentrating primarily on youth bedroom. Marc Katzman, Opus co-founder and President-Sales, will also assist Hooker during a six month transition period.
Effective, Hooker Furniture's professional sales organization will be representing the Opus product line, and all service and operational support for the line will come from Hooker Furniture Corporation. The product will be sold under the Opus Designs brand.
When Hooker announced in October it had signed a letter of intent to purchase Opus, Chairman and Chief Executive Officer Paul Toms said the "acquisition will provide a solid foundation for Hooker to build a strong youth bedroom program at more moderate price points, with a more comprehensive product line and superior sourcing arrangements compared to the Company's current SmartKids youth furniture line."
In the last two-and-a-half years, Opus has grown from a start-up company to a $5 million-plus business. Opus has 12 groups covering all the key style bases in youth bedroom, including cottage, pine, Victorian and transitional.
"With the boost in professional sales representation and corporate financial and systems support that Hooker can offer, we should be able to grow our youth furniture business nicely over the next five years," Toms said.
"Opus has aligned themselves with several of the top producers in Asia, enabling us to improve our delivery, product flow, quality and product selection in our youth line to our dealers through this acquisition."
The $5.1 million cash transaction is subject to a net working capital adjustment. James Millner, who has overseen design and product development of the Opus product, will be employed by Hooker as Vice President, Merchandising & Design concentrating primarily on youth bedroom. Marc Katzman, Opus co-founder and President-Sales, will also assist Hooker during a six month transition period.
