ABG and Jay Schottenstein Take Ownership of the Iconic Thomasville Brand
Global Brand Owner Enters the Home Furnishings Industry and Finalizes Purchase of the Thomasville, Henredon, and Drexel Brands
November 20, 2018 – New York, NY – Authentic Brands Group (ABG), a global brand owner, marketing, and entertainment company, today announced the purchase the of the Heritage Home Group LLC brands. Through a newly-formed company, ABG and SB360 Capital Partners, an entity controlled by Jay Schottenstein, will own and manage the intellectual property of the Thomasville, Drexel, and Henredon brands. ABG owns the majority stake in the acquisition, pushing their portfolio value to nearly $9 billion in annual global retail sales.
ABG owns a portfolio of more than 50 global brands and properties that span the entertainment, luxe, fashion, street, active, and health & wellness sectors. This acquisition aligns with the company’s strategic focus to grow and diversify its portfolio into the home vertical.
“We are excited to complete the purchase of Thomasville, Drexel, and Henredon,” said Jamie Salter, Chairman and CEO of ABG. “The addition of these American heritage brands brings a new industry of focus to our already robust portfolio. We are thrilled to now be a part of the home furnishings landscape.”
"We are pleased to welcome ABG to the home furnishings industry," said Jay Schottenstein, Chairman and CEO of Schottenstein Stores Corporation, American Signature lnc./Value City Furniture, and SB360 Capital Partners. "We look forward to leveraging their strengths with our operational expertise to drive the growth of the Heritage Home brands."
Thomasville, Drexel, and Henredon are American heritage brands with an established footprint at key furniture retailers across the U.S. and in key international territories. ABG will soon announce new operating partners to build on this strong foundation and continue the brands’ furniture legacy. Additionally, ABG will unlock the portfolio’s potential by engaging with current and untapped audiences via new categories, refreshed content, and innovative storytelling.
In connection with this transaction, the company also acquired the intellectual property of the Broyhill brand which has been subsequently sold to a U.S.-based retailer.