Whole home furniture resource Classic Home has acquired upper end upholstery manufacturer Braxton Culler Inc., providing the company a domestic manufacturing presence in the upholstery segment.
The company did not reveal a purchase price for Braxton Culler, or other specifics of the deal, other than to say it has purchased 100% of the High Point area-based company.
In addition to a line of domestically produced upholstery and some cushions for outdoor furniture, Braxton Culler offers a line of imported indoor residential wood furniture that includes bedroom, dining and occasional. It also imports a line of wicker and rattan furniture and a line of outdoor seating and occasional furniture.
Classic Home’s line, which is produced at its company-owned factories in India, includes bedroom, dining room, occasional and office furniture. It also offers a living room assortment that includes sofas, accent chairs and sectionals. Classic Home also produces rugs, lighting, bedding and pillows.
Founded in 1975, Braxton Culler operates a 410,000-square-foot plant outside of High Point in Sophia, N.C., that produces its residential upholstery line. Today, its operations employ about 125, most of which are in production.
As a domestic producer, it offers a highly customizable product that provides consumers frame and fabric options, as well as welt and finish options with some 1,000 fabrics and 15 finishes, according to its website.
Harpal Singh, founder and CEO of Classic Home, said he was pleased to announce this acquisition, which he believes will transform both the Classic Home and Braxton Culler businesses.
“When we saw the products and the quality and fashion involved, then met Mr. Culler and saw the tremendous manufacturing capabilities, I knew this was a perfect match for Classic Home,” Singh said. “Braxton runs a wonderful business based on ‘doing things the right way’ and providing a fashionable product with quality, value and top-notch customer service.”
Braxton Culler III, founder and CEO, said that he was pleased with the transaction, believing that it offers significant long-term benefits for his management and employees.
“Classic Home is a strong furniture player and needs what my company has in domestic upholstery,” he said. “We have been making quality furniture since 1975, and we are pleased to partner with Harpal and his team to continue building our brand as well as helping Classic grow in our category.”
Braxton Culler will remain with the business as CEO for a transition period.
The two companies also will continue to operate under their respective brands. Braxton Culler will continue to show in its 28,000-square-foot showroom at 310 S. Elm St. in downtown High Point, and Classic Home is moving into a new 35,000-square-foot showroom at Showplace for both Premarket and the June High Point Market. It also will remain at its current space in Building C at the Las Vegas Market.
Charlotte, N.C.-based Stump & Company, a boutique investment bank to the furniture industry, served as the exclusive advisor to Braxton Culler Inc. and its selling shareholders.