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Asset Management Firm Brings New Future to Furniture Manufacturing Facility
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Added: 08/04/2005
Type: Summary
Viewed: 1020 time(s)
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Asset Management Firm Brings New Future to Furniture Manufacturing Facility
Lexington, NC August 4, 2005 -- Craig Spooner Chief Financial Officer of Lexington Home Brands announced today that the company had engaged the services of asset management advisory firm Idled Assets Group of Boca Raton, Florida to assist the company to create opportunities for redevelopment of the 1 million square foot furniture manufacturing plant located in the heart of Lexington, NC.
Spooner said, "Lexington Home Brands has been associated with the City Of Lexington for over 100 years and we felt that we owed it to the community and ourselves to explore how we could create an economically contributing member of the community again from our manufacturing plant." Spooner continued, "We believe that Idled Assets Group has the expertise to help us visualize the future of the assets and work closely with the community and the City to dove-tail with their redevelopment plans."
Edmond L. Prins, Chief Executive Officer of Idled Assets Group explained his role this way, "For the last twenty-five years I have been assisting companies like Lexington by creating and executing business plans that define the land, plant, equipment, labor and community as opportunities for redevelopment." He continued, "This plant coupled with a progressive development-minded community and its strategic location between the Piedmont Triad Cities and Charlotte will be packaged so that new users and investors can easily see the potential of the assets."
Over the next three months, Idled Assets Group will undertake asset management, market research, cost estimation, financial analysis, and financial structuring and work closely with the community to define how best to redevelop the former furniture plant. Idled Assets Group will also target new users and investors and begin the process of restoring the plant as an economic engine for the region.
Lexington Home Brands – (http://www.lexington.com) Lexington Home Brands is a leading full-line branded marketer and manufacturer of upscale branded home furnishings. The Company's product line includes bedroom, formal and casual dining, home entertainment, home office, youth, upholstered, and wicker furniture in a wide range of styles. Lexington's portfolio of highly-recognized brands includes Bob Timberlake, Nautica Home, Palmer Home, Tommy Bahama, Waverly, Lexington, Liz Claiborne, as well as house brands Haley & Carter and Henry Link Trading Company. Products are distributed through Lexington Home Retailers, independent home furnishings retailers, and Destination Home retail stores and designer showrooms. Lexington Home Brands is an affiliate of Boca Raton based Sun Capital Partners (www.suncappart.com).
Idled Assets Group (http://www.idledassets.com) is the pre-eminent fixed asset management investment advisory firm. Our area of expertise is assisting senior management of Fortune 1000 companies and communities with the effects of plant and military base closures. Specifically, IAG creates and most importantly executes Managed Exit Programs. These programs are designed to help IAG's clients deal with closing or closed locations in a manner that will reduce or eliminate contingent liabilities and generate financial return and positive community relations. Edmond L. Prins CEO of Idled Assets Group has over 25 years of experience pioneering asset-based investment management while working at Lehman Brothers, Security Pacific Capital Markets Group and Price Waterhouse. He has assisted clients like Schlumberger, Bethlehem Steel, Sunbeam and over 100 of the Fortune 1000 companies execute programs that go beyond the real estate assets.
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