Synergy Home Furnishings Acquires Furnishables Group for $5.2B
Posted On May 24, 2021
Synnergy Home furnishings acquired furnishables group for $1.5B in cash, shares and debt.
Synnergy, which sells furniture for retailers such as Target and Home Depot, has an operating profit of $1B.
In the most recent quarter, Synnergy reported $6.6B in revenue, up from $5B the previous quarter.
The acquisition is the latest in a series of acquisitions that Synnergy has made, which includes the purchase of the retail arm of Furniture.com, a popular online store for furniture and home accessories.
The move also follows a recent purchase of an additional $1 billion in capital for Synnergy.
Synnergies CEO Mark Pincus said Synnergys core businesses include furniture and accessories and “an active portfolio of mobile and stationary technology platforms that drive growth.”
Pincuses growth with a portfolio of new technologies including the wireless internet, a cloud-based technology platform, and cloud-enabled products and services.
“The company has been focusing on building a diverse portfolio of products and technology that drive sustainable growth and value for its customers, employees and shareholders,” Pincush said.
“We have a great business model with a strong foundation in technology, and we believe the acquisition of furnishables will help Synnergy accelerate our growth and help our customers deliver the best products and service experience possible.”
The new business will also include the sale of Synnergistics’ existing brands.
Syntechs products will continue to be offered in the Macy’s department store.
SynTechs products are designed to offer convenience, style and performance.
“It is our mission to provide the best customer service to our customers, partners and associates,” Pinchuk said in a statement.
“Syntechs will continue our long history of delivering innovative products, and its important to us that our customers and associates are able to experience the very best in furniture and apparel.
We are thrilled to be joining forces with Syntech and its loyal customers to build a great future.”
Synnergy is a global provider of furniture, home furnishables and appliances to retailers and others that sell and buy furniture.
Syn Techs is a company with about 15,000 employees worldwide, with an annual revenue of $2.2 billion.