Chicago Furniture Rental Giant Plans for National Expansion
Furniture World News Desk on
8/15/2014
Brook Furniture Rental (“Brook”) announced that it plans to close a transaction with Agman Partners (“Agman”), a multi-strategy investment firm representing the Silverman family of Chicago and Omaha, under which an affiliate of Agman will acquire all of the outstanding shares of Brook. The transaction is subject to customary closing conditions and is expected to be completed by the end of the third quarter 2014.
Brian Morrissey, a Senior Advisor to Agman commented, “Brook has demonstrated strong, sustainable growth based on high quality standards, excellent management, and its commitment to unflinching customer service. We look forward to working together with Brook’s team members , suppliers, and customers as we invest in and support the company’s ongoing growth efforts.” Brook will continue to operate as a stand-alone company, retain its current name, and continue to be headquartered in the Chicago area. Its new Board of Directors will be chaired by Howard Scott Silverman, and include Brian Morrissey, and Brook CEO Bob Crawford III.
“Agman’s long-term perspective provides Brook with significant financial and operating flexibility allowing Brook to drive growth to the next level,” said Bob Crawford III. “As a result of our partnership with Agman, Brook plans to strategically expand its footprint throughout the continental United States.”
“Brook Furniture Rental is destined to be much larger than it is today,” Crawford continued. “This is due to our incredible team members who provide industry leading service to our customers every day, and also to the leadership and vision of my father, Bob Crawford Jr., who founded Brook in 1979. With our new partners, we are optimistic about the next chapter for Brook, and look forward to a terrific future.”
Bob Crawford Jr., the company’s founder, announced that following the acquisition, he will retire from his position after a 35 year career with Brook. A new senior vice president, who will report directly to the CEO, will fill his current role.
About Brook Furniture Rental Inc.: Brook Furniture Rental specializes in renting high-quality furnishings to a diverse array of people and businesses in transition. The company is committed to being a reliable, consistent partner and to delivering furniture with service that consistently exceeds customer expectations. Headquartered in Lake Forest, IL., the company employs more than 400 professionals across the country.
About Agman Partners: Agman Partners is a multi-strategy investment firm focused on fundamental value. Agnostic to industry and geography, Agman has flexibility to invest directly and through partnerships across asset classes and stages of development. Agman Partners emphasizes a long-term perspective to its investment approach.