La-Z-Boy to sell American Drew and Kincaid to Banner House
MONROE, Mich. — La-Z-Boy has announced the sale of its American Drew and Kincaid case goods businesses to Banner House, formerly Magnussen Home.
In a statement, La-Z-Boy officials said that the deal is currently expected to close in mid-May. American Drew and Kincaid case goods products will continue to be available to wholesale customers in their current showrooms at High Point for this April market.
La-Z-Boy will continue to offer case goods products in its 374 stores across North America as part of its whole home solution for consumers. Officials said that the transaction advances La-Z-Boy Inc.’s progress of focusing on its core, vertically integrated North American upholstery business.
Melinda D. Whittington, board chair, president and CEO of La-Z-Boy Inc., said, “We are pleased to announce the sale of the American Drew and Kincaid wholesale case goods businesses as we deliver on our previously announced portfolio optimization. This transaction will enable La-Z-Boy Inc. to focus on our core, vertically integrated North American upholstery business and drive our Century Vision strategy. In addition, this shift in case goods sourcing strategy will better allow us to delight and inspire consumers with enhanced offerings for their entire home in our La-Z-Boy stores, Comfort Studios and Branded Spaces across North America.
“With this transaction, the American Drew and Kincaid brands will continue into the future under new ownership, enabling a seamless transition for employees, sales representatives, customers, dealers and suppliers. And, as La-Z-Boy Inc. approaches our 100-year anniversary in 2027, we are excited to move ahead as a more focused enterprise to drive value for all stakeholders.”
During La-Z-Boy’s third quarter earnings call in February, Whittington said that the company had signed a letter of intent for the sale of the “noncore wholesale case goods businesses, American Drew and Kincaid, to be complete by the fiscal year-end.” The case goods businesses sale follows La-Z-Boy’s sale of its Kincaid upholstery business in February.
Whittington explained that the sale of American Drew and Kincaid would not impact La-Z-Boy’s ability to offer case goods as part of the company’s “whole home solutions for consumers in our La-Z-Boy stores, Comfort Studios and branded spaces.”
Banner House will debut its portfolio of brands including the former Magnussen Home, Pulaski Furniture and Samuel Lawrence Furniture lines in the company’s new 220 Elm showroom at High Point Market. Banner House completed the acquisition of Pulaski and Samuel Lawrence in late 2025.
Employees of both La-Z-Boy divisions will be joining Banner House. Tim Annas, who has been with the company for 35 years, will remain vice president of product development, and Peter Blackwell, who has been with the company for 17 years, will continue as vice president of sales for the newly acquired companies. Financial terms of the transaction were not disclosed.
“These acquisitions are uniquely positioning our company when it comes to prices and styles by bringing together established, storied brands that resonate with retailers and their customers,” said Banner House CEO Nathan Cressman. “We can now offer our customers a real competitive advantage by selecting a variety of products within a broad range of price points and from well-known brands that can be efficiently and effectively delivered to their docks.”
According to Banner House President Doug Townsend, the company has been able to benefit from industry consolidation, particularly from publicly traded furniture companies looking to shed brands that no longer fit with their core strengths.
“Magnussen always had a reputation for quality, design and integrity that has made us a very attractive buyer for brands like this. Sellers know how we nurture our brands, people and customers and they know we will take these brands and continue to invest in their growth,” he said. “This is a good time for us to be in the market to add brands to our portfolio to give our dealers and their customers more choices.”
As part of the Banner House strategy, each of the brands has its own “internal champion and sales strategy leader,” officials said. As such, Page Wilson, senior vice president of Pulaski and Samuel Lawrence brands, will take responsibility for Kincaid and American Drew, working closely with Annas and Blackwell on developing sales and product growth strategies.
“We are already seeing positive customer feedback in only a short time with Pulaski and Samuel Lawrence, so we will quickly look to incorporate Kincaid and American Drew into our product portfolio in the weeks ahead,” Townsend said.
Earlier this year, Cressman spoke about the growth strategy for Banner House.
“What do you do in a storm?” said Cressman in an interview with Furniture Today following the acquisition of Pulaski and Samuel Lawrence. “You find an anchor. We aspire to be an anchor for our retailers and allow them to align with a financially stable organization that has weathered storms. That’s easier to do when you bring this kind of brand synergies to the mix.”
Stump & Co. acted as financial advisor to La-Z-Boy Inc. in connection with the sale transaction.
