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LADD completes sale of Fournier.

HIGH POINT, N.C.--President and chief executive Fred L. Schuermann Jr. reported that LADD has completed the sale of its wholly owned subsidiary, Fournier Furniture, to Furniture Acquisition Co., for approximately $12 million in a combination of cash, a note and the assumption of IRB debt, subject to a post-closing working capital adjustment.

Furniture Acquisition Co. is a corporation formed by The Kaizen Break-through Partnership L.P., a private equity and mezzanine fund managed by Gefinor Acquisition Partners, an investment partnership based in New York City. The Fournier management team will be investors in the new corporation.

"We are very pleased to have sold Fournier to a buyer who is committed to growing the company as a successful participant in the RTA furniture industry," said Schuermann. "Gefinor has been successful in helping mid-sized companies grow and prosper."

Gefinor is an international merchant banking group with offices in New York, Geneva, Beirut and London. Schuermann said net cash proceeds from the sale will be used to reduce LADD's long-term debt.
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Title Annotation:Fournier Furniture sold to Furniture Acquisition Co.
Publication:HFN The Weekly Newspaper for the Home Furnishing Network
Article Type:Brief Article
Date:Mar 4, 1996
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