August 31, 2023 - B. Riley Real Estate, LLC, subsidiary of B. Riley Financial, Inc. (Nasdaq: RILY) ("B. Riley"), is pleased to announce it served as exclusive real estate advisor in connection with the United Furniture Industries, Inc. ("UFI") Chapter 11 bankruptcy and related 363 asset sale of all its properties, including the Lane Furniture real estate portfolio.
UFI's 15-property industrial portfolio represented the Lane Furniture brand's core manufacturing and distribution assets, alongside its surplus land holdings, spanning approximately 5 million square feet and 626.5 acres across Mississippi and North Carolina. B. Riley led an expedited sale process which concluded on August 30, 2023 and resulted in a final sale price of $65 million, generating sufficient proceeds to deliver full recovery to UFI's secured creditors holding liens on these assets.
Derek Henderson, United Furniture Industries Bankruptcy Trustee, commented: "B. Riley Real Estate was an invaluable partner throughout the United Furniture Industries real estate sale. Leveraging significant bankruptcy experience and strong real estate execution expertise, the team's hands-on approach throughout the process led to a highly organized and efficient transaction that generated sale proceeds exceeding initial targets."
B. Riley Real Estate served as a key partner in assisting with the successful 363-sale and secured multiple stalking horse bids, assisted the Trustee with selection of the approved bid, negotiated PSA agreement terms, and coordinated required additional diligence to facilitate the eventual transaction closing.
Founded in 1912, Lane Furniture was one of the largest upholstered furniture manufacturers in the United States, producing and distributing numerous furniture product lines.
For more information on this
transaction, contact Michael Jerbich at mjerbich@brileyfin.com
| (312) 894-7621, or Chris Draper at cdraper@brileyfin.com
| (312) 894-7625.
About B. Riley Real Estate,
LLC
B. Riley Real Estate advises companies, financial institutions, investors, family offices and individuals on projects in order to preserve and maximize real estate value. Real estate solutions span acquisitions and sales, lease restructuring, construction dispute services, rent reductions, terminations and renewals; sale-leasebacks and auctions; and capital solutions to support acquisitions and dispositions. B. Riley serves clients across the retail, office, education, industrial, manufacturing, distribution centers, restaurant, grocery store, multi-family housing and health services industries. The firm is a wholly owned subsidiary of B. Riley Financial, Inc. (Nasdaq: RILY).
B. Riley Financial is a diversified financial services platform that delivers tailored solutions to meet the strategic, operational, and capital needs of its clients and partners. Through its affiliated subsidiaries, B. Riley provides end-to-end, collaborative financial services across investment banking, institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and compliance, due diligence, forensic accounting, litigation support, appraisal and valuation, auction, and liquidation services.
B. Riley refers to B. Riley Financial, Inc. and/or one or more of its subsidiaries or affiliates.