Samson Holding Acquires Southern Furniture
Samson Holding (0531.HK) has acquired Southern Furniture, a 96-year-old custom upholstery manufacturer based in Conover, to support its Universal Furniture brand. The acquisition reflects Samson’s global investments in vertical manufacturing to support its supply chain and diversified customer base around the world. Southern Furniture will be operated by, and eventually assimilated into, the Universal brand.“Launched only three years ago, Universal’s current married cover-to-frame upholstery program, produced in our Asia facility, has become a significant percentage of our overall business, and continues to be the fastest growing segment of our business,” said Universal Furniture President and CEO Jeff Scheffer. “The acquisition of Southern Furniture affords us the ability to accept special orders, further enhancing our whole home value proposition,” added Scheffer. “Southern Furniture represents a good strategic fit for Universal. Both companies share an alignment in product line, price point and quality,” said Samson Holding Chairman Samuel Kuo.“We feel confident that Universal is extremely well positioned to continue serving our existing customers and our employees,” said Jerome Bolick, former CEO of Southern Furniture. “They are in good hands.”About Samson Holding Ltd.: Samson is a wholly owned subsidiary of Samson Holding, Ltd. currently headquartered in Dongguan, Guangdong, China, with subsidiaries in the U.S., U.K., France, China, Hong Kong and Taiwan. Samson Holding is listed on the Main Board of the Hong Kong Stock Exchange and generates annual revenues in excess of $450 million U.S. dollars. Samson is one of the leading wholesalers in the U.S. residential furniture industry. It produces and sells a wide range of furniture under its own brands including Baker Interiors Group, Universal Furniture, Legacy Classic Furniture, Craftmaster Furniture, Grand Manor Furniture, Lacquer Craft Hospitality, Samson International and licensing programs such as Paula Deen, Coastal Living, Rachel Ray and Wendy Bellissimo. In addition to producing its own brand’s products, the company’s manufacturing division in China, under the name of Lacquer Craft Mfg., is a supplier of choice for many leading furniture brands and private label retailers in North America and the rest of the world.About Universal: Universal Furniture creates quality furnishings for the whole home with a focus on function and lifestyle. The company’s casegood, upholstery, accent and accessory designs are developed under the brand names Universal Furniture (Lifestyle Collections), To The Trade (Interior Design) and Spaces™ (Millennial and Youth), and sold through retailers and interior designers throughout North America and around the world. Founded in 1968, Universal Furniture is a brand of Samson Holdings, one of the world’s largest vertically integrated furniture manufacturers. For more information, visit www.universalfurniture.com.
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