One Rock Capital Partners announced an affiliate has acquired a majority stake in American Furniture Rentals (AFR), a national furniture rental provider serving special events, trade shows, and residential and commercial customers across the U.S. Terms of the transaction were not disclosed.
Founded in 1975 and headquartered in Pennsauken, New Jersey, AFR operates from 28 distribution centers nationwide. Neil Scholnick, AFR’s executive chairman and longtime controlling shareholder, will retain an ownership stake and remain involved through a seat on the company’s board.
One Rock Partner Michael Koike said the firm sees an opportunity to help AFR scale further, while One Rock Principal Thomas Lamothe pointed to the company’s culture, service focus, and operational execution as key factors behind the investment.
AFR CEO John Haener said the partnership is expected to support the company’s next phase of growth, as it looks to build on its national footprint and pursue new opportunities while maintaining its customer service approach.
Support: Houlihan Lokey served as AFR’s exclusive financial advisor and Klehr Harrison Harvey Branzburg served as AFR’s legal counsel. Latham & Watkins served as legal counsel to One Rock.
KEY QUOTES:
“Over its five-decade history, AFR has grown to be a leader in the furniture rental industry and earned its customers’ trust. We believe AFR has a significant opportunity to further scale its business.”
Michael Koike, Partner, One Rock
“We admire AFR’s strong culture, service focus and operational excellence. We are excited to partner with Neil Scholnick, John Haener and their team as AFR enters its next phase of growth.”
Thomas Lamothe, Principal, One Rock
“This transaction marks a milestone for AFR. With One Rock’s resources and strategic perspective, we believe we are well-positioned to build on our strengths, capitalize on new opportunities and continue delivering outstanding service to customers across the country. We look forward to a productive and successful partnership.”
John Haener, CEO, American Furniture Rentals
“I am pleased to remain closely connected to AFR by serving on the board of directors and supporting the Company’s execution of its long-term growth strategy. I want to thank the entire AFR team, whose dedication and execution over many years have made AFR what it is today and positioned us for future success.”
Neil Scholnick, Founder and Executive Chairman, American Furniture Rentals
