The 133-year-old family-owned Olinde’s Furniture has been acquired by DSG, a Memphis-based company that operates 43 Ashley Furniture HomeStores, four Stash Home stores and 10 distribution centers in 10 states.
Terms of the deal, which closed early Wednesday, were not disclosed.
Olinde’s President Tom Olinde says he was not looking to sell the company, which was founded in 1865 as a post-Civil War one-stop shop. But the rapidly growing DSG, which has made 14 acquisitions in the past decade, reached out to him in the fall of 2017 with a deal that ultimately proved too good to refuse.
“It was on again off again for 13 months and we finally got it across the finish line,” Olinde says.
The deal covers the company’s two Olinde’s and nine Ashley Furniture stores in the local market but not three Olinde’s Mattress stores.
The deal also guarantees all 300 Olinde’s employees will be retained at their current level of pay in their existing positions.
“It’s kind of bittersweet,” Olinde says. “I love working and I love the company and the people. But I was kind of looking at where we’d be in 10 years and this seemed like a good move.”