LFI Sells Robert Allen Group to Corber
February 12, 2002
High Point, NC (USA) - Lifestyle Furnishings International announced that it has reached an agreement to sell The Robert Allen Group, Inc., including its Beacon Hill Showrooms and Ametex converting operations to Corber Corporations. Terms of the transaction are not being disclosed but industry sources say Corber paid $85 million for Robert Allen.
Jeff Cordover, who co-owns Corber, said Corber intends to work with the existing management at Robert Allen to both continue its tradition of creative design and to expand its market presence.
Corber is a wholly owned investment company of Ron and Jeff Cordover. Based in the New York City area, it has been active for the past two decades in a wide range of control and venture capital investments in the manufacturing, retail and technology sectors.
Robert Allen is Corber''''''''s only holding in the textiles industry. Corber and LFI have done business in the past. Corber sold Berkline Corporation, which is in the midst of a management-led buyout, to LFI.
"We are pleased to have reached an understanding with Corber for the acquisition of The Robert Allen Group," said Alan Cole, president and CEO of LFI. "Having worked with the Cordovers in recent years, we are confident that they will support the existing management team at the Robert Allen Group."
LFI is a holdings group that has divested all of its holdings in the last year, either through sale or management buyouts. They include: Ametex, Beacon Hill, Lexington, Robert Allen, BenchCraft, Berkline, Drexel-Heritage, Henredon, Maitland-Smith, Sunbury and Universal.
Jeff Cordover, who co-owns Corber, said Corber intends to work with the existing management at Robert Allen to both continue its tradition of creative design and to expand its market presence.
Corber is a wholly owned investment company of Ron and Jeff Cordover. Based in the New York City area, it has been active for the past two decades in a wide range of control and venture capital investments in the manufacturing, retail and technology sectors.
Robert Allen is Corber''''''''s only holding in the textiles industry. Corber and LFI have done business in the past. Corber sold Berkline Corporation, which is in the midst of a management-led buyout, to LFI.
"We are pleased to have reached an understanding with Corber for the acquisition of The Robert Allen Group," said Alan Cole, president and CEO of LFI. "Having worked with the Cordovers in recent years, we are confident that they will support the existing management team at the Robert Allen Group."
LFI is a holdings group that has divested all of its holdings in the last year, either through sale or management buyouts. They include: Ametex, Beacon Hill, Lexington, Robert Allen, BenchCraft, Berkline, Drexel-Heritage, Henredon, Maitland-Smith, Sunbury and Universal.