Outdoor furniture company RST Brands has sold as a going concern to household furnishings brand Surya in the latest turnaround by Tiger Group’s Advisory Services division.
“This strategic purchase will enable Surya to gain market share and strengthen its capabilities in outdoor furnishings,” says Surya President Satya Tiwari. “Combining the strengths of both companies will enable us to accelerate our mission to become the most comprehensive resource for home furnishings for every lifestyle.”
Surya also recently acquired the Mitchell Gold + Bob Williams brand and manufacturing operations and plans to restart the company’s manufacturing operations in Taylorsville, North Carolina, which was closed this past summer just before the company filed for bankruptcy protection.
Salt Lake City-based RST Brands sells directly to consumers as well as through popular sales channels that have included Wayfair, The Home Depot, Costco, Sam’s Club, Target, Lowe’s, Overstock and Amazon.
“Like many other furniture sellers, RST Brands encountered record-high container costs and whipsawing consumer demand as the pandemic started to subside,” says Ryan Davis, division leader of Tiger Advisory Services and executive managing director. He was also interim CEO during the turnaround.
Tiger had faith in RST Brands’ long-term future, Davis notes. “When determining which opportunities to pursue, Tiger looks for hidden gems that have tremendous value in their existing businesses,” he says. “RST Brands boasted an amazing team and unique, in-demand product, with an outstanding reputation for customer service.”
Surya’s excellent leadership team also recognized RST Brands’ intrinsic value, Davis says. “We’re excited about this turnaround and that RST Brands was able to find its forever home.”
