US Office Products Company, a leading provider of office supplies and owner of Mail Boxes Etc., recently closed on a transaction to sell eight contract furniture dealerships for approximately $40 million to Haworth, Inc., an office furniture manufacturer. The proceeds from the transaction, along with proceeds from previous asset sales, are being used to reduce US Office Products outstanding bank term debt by a total of $50 million. Haworth is purchasing the dealerships for the purpose of facilitating the transfer of ownership, and plans to resell the dealerships.
The dealerships involved in this transaction include: Price Modern, headquartered in Baltimore, Md., with locations in Herndon, Va., Washington, DC, Richmond, Va., Norfolk, Va., and Raleigh, NC; Pear Commercial Interiors in Denver and Boulder, Colo.; DBI in Lansing and Jackson, Mich.; FCI with two locations in New York City; Business Interiors Group in Portland, Ore.; Kramer Office Furniture in Stamford, Conn.; and HBI in Seattle, Wash.
