Sage Park announced today that the acquisition of substantially all assets of Orian Rugs has been completed.
NASHVILLE, Tenn. — The domestic rug manufacturer Orian Rugs has been acquired by Sage Park, a global operations focused acquisition group. Sage Park announced today that the acquisition of substantially all assets of Orian Rugs has been completed.
Orian operates in two segments: the design and manufacture of woven rugs for national, specialty and e-commerce retailers, and the manufacturing of specialized yarn products which support the commercial furniture, home and automotive industries.
“For more than 43 years, Orian built a successful American-made brand using U.S. and globally sourced components with a well-earned reputation among its loyal customers for designing and creating quality products,” said Sage Park Chairman and CEO Robert Joubran. “We are committed to building on Orian’s rich heritage and investing in continued innovation. We look forward to partnering with Orian’s management team to continue growing the comprehensive manufacturing capabilities Orian developed in both yarn and rug products, while enhancing our relationships with Orian’s customer base.”
Headquartered in Anderson, S.C., Orian will continue to operate from its 730,000-square-foot facility.
“We are extremely excited to have completed this transaction with the Sage Park team as this process was extremely smooth and transparent.” said Chris Veit, with ABTV, strategic advisor to Orian. “Sage Park’s team is very experienced, operationally focused, and I’m confident that under Sage Park’s ownership, the rug and yarn business will continue to grow, and the products and services offered will expand to meet the needs of this diverse customer base.”
Stout Capital Markets served as financial advisors to Orian in the transaction. Terms of the transaction are not being disclosed.
Erica Hawbaker, associate editor for Furniture Today, is a recent graduate of the University of Iowa, with a degree in English and a writing certificate in publishing. In addition to bringing her writing talent to the editorial team, Erica will add her late-Millennial perspective.