by Case goods importer has been sold to investment firm Teamshares, which typically acquires companies from owners who are retiring
SAN DIEGO — Gil Martin, the founder and longtime executive of wood furniture resource Martin Furniture, has sold the business to Teamshares, a technology-driven investor in small-to-medium-sized companies whose owners are passing the torch as they transition into retirement.
Martin started the company in 1980 as a hobby out of his garage. It ultimately grew into one of the largest and most respected suppliers of home office and home entertainment furniture, while also later growing into other categories such as occasional furniture, fireplace TV stands, dining and home accents.
Officials did not reveal the purchase price but said that the sale includes 100% of the company, including the Martin name, its designs and intellectual property, marketing assets and customer lists.
Teamshares largely acquires businesses from retiring owners, providing stability during the transition and beyond, with the goal of helping companies grow as it integrates them into its platform. It also provides ownership opportunities for employees by allowing them to earn company stock.
“As I considered the next chapter for Martin Furniture, finding the right partner to carry the company forward and preserve its legacy was extremely important to me,” Martin said in a statement announcing the transition in ownership. “We identified Teamshares as the right fit for Martin Furniture. Teamshares shares out commitment to building on the strengths of established companies and preserving the cultures and values that have contributed to their success.”
Martin noted that the primary change will be his retirement from the company after 46 years. He added that Teamshares plans to retain the existing Martin Furniture team and management structure, “allowing the company to continue operating with the people and the leadership who understand the business, our customers and our industry.”
Martin said he has been involved in every aspect of the business, ranging from product design and manufacturing to building relationships with retailers, many of whom he said have become lifelong friends.
He also has led the company through some of its biggest challenges and opportunities, ranging from transitioning from U.S. manufacturing to production in Mexico and ultimately a shift in all sourcing to Asia in recent years.
“We also navigated the economic crisis of 2009, the unprecedented challenges of the global pandemic, and many other changes affecting our industry,” he said. “Through all of these challenges, our success was driven by a dedicated group of coworkers who believed in Martin Furniture and remained committed to helping the company grow and succeed.
“While stepping away from the company is an emotional milestone, I am confident in the team and Martin Furniture’s future. … Martin Furniture has been an extraordinary part of my life and I am grateful for the 46 years we spent together.”
Merger and acquisition specialist Stump & Co. brokered the transaction, representing Gil Martin and Martin Furniture in the sale.
