Who Owns Broyhill Furniture?
Broyhill Furniture, a renowned American furniture manufacturer, has a rich history spanning several decades. Over the years, there have been several entities and companies that have owned or had a stake in Broyhill Furniture's ownership structure. Here's a detailed account of the ownership history of Broyhill Furniture:
Early History and Founding
Broyhill Furniture was founded in 1926 by Tom Broyhill in Lenoir, North Carolina. Initially known as Broyhill & Broyhill, the company started as a small upholstery shop. In 1938, it incorporated as Broyhill Furniture Industries. The Broyhill family maintained ownership and management of the company for several decades.
Acquisition by Kroehler Manufacturing Company
In 1968, Broyhill Furniture Industries was acquired by the Kroehler Manufacturing Company, a leading furniture manufacturer based in Naperville, Illinois. Kroehler was known for its production of upholstered furniture, and the acquisition of Broyhill expanded its product portfolio. Under Kroehler's ownership, Broyhill continued to operate as a separate entity.
Sale to Interco Incorporated
In 1971, Interco Incorporated, a St. Louis-based conglomerate, acquired Kroehler Manufacturing Company, including its subsidiary, Broyhill Furniture Industries. Interco also owned other furniture brands, such as Lane Furniture and Ethan Allen. Under Interco's ownership, Broyhill Furniture continued to be a significant contributor to the conglomerate's furniture division.
Spin-Off as Broyhill Furniture Industries, Inc.
In 1986, Interco decided to spin off its furniture operations, including Broyhill Furniture Industries, as a separate publicly traded company. Broyhill Furniture Industries, Inc. began trading on the New York Stock Exchange under the ticker symbol "BRO." This marked a new chapter in Broyhill Furniture's ownership history, as it became an independent company once again.
Acquisitions by Furniture Brands International
In 1991, Furniture Brands International (F.B.I.), a leading furniture manufacturer and retailer, acquired Broyhill Furniture Industries, Inc. F.B.I. was formed through the merger of several furniture companies, including Thomasville Furniture Industries, Henredon Furniture Industries, and Lane Furniture. Broyhill Furniture became part of F.B.I.'s portfolio of well-established furniture brands.
Current Ownership: Berkshire Hathaway
In 2013, Berkshire Hathaway, a conglomerate led by Warren Buffett, acquired Furniture Brands International. This made Broyhill Furniture, along with other F.B.I. brands, a subsidiary of Berkshire Hathaway. Berkshire Hathaway is known for its long-term investment approach and decentralized management style. Under Berkshire Hathaway's ownership, Broyhill Furniture continues to operate as a standalone brand within the conglomerate's portfolio.
Throughout its history, Broyhill Furniture has maintained a reputation for producing high-quality furniture with a focus on craftsmanship and design. The company's products are sold through a network of independent retailers, furniture stores, and online platforms.
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