MONROE - Furniture maker La-Z-Boy Inc. said Thursday it has reached an agreement in principle to sell its Clayton Marcus subsidiary to Rowe Fine Furniture Inc.
Terms of the agreement, which is expected to be finalized later this month, were not disclosed.
Clayton Marcus is a Hickory, N.C.-based niche manufacturer of medium- to upper-medium-priced upholstered furniture. La-Z-Boy says it's selling Clayton Marcus because it didn't fit into its long-term strategy.
Elliston, Va.-based Rowe, a manufacturer of upholstered furniture, is owned by an affiliate of private equity firm Sun Capital Partners Inc.
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