New York, Jan 15 — One Rock Capital Partners, LLC (“One Rock”) announced today that one of its affiliates has acquired a majority stake in American Furniture Rentals, Inc. (“AFR” or the “Company”).
Established in 1975, AFR is a leading, service-driven furniture rental provider to the special events, trade show, residential and commercial markets. AFR services the entire US from 28 distribution centers, and is headquartered in Pennsauken, New Jersey. Neil Scholnick, AFR’s Executive Chairman and longtime controlling shareholder, will retain a stake in AFR and continue to serve on its board of directors.
“Over its five-decade history, AFR has grown to be a leader in the furniture rental industry and earned its customers’ trust,” said Michael Koike, Partner at One Rock. “We believe AFR has a significant opportunity to further scale its business.”
Thomas Lamothe, Principal at One Rock added, “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.”
“This transaction marks a milestone for AFR,” said John Haener, CEO of 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.”
“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,” said Neil Scholnick, Founder of AFR. “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.”
Houlihan Lokey served as the exclusive financial advisor to AFR and Klehr Harrison Harvey Branzburg LLP served as AFR’s legal counsel. Latham & Watkins LLP served as legal counsel to One Rock.