— Outdoor furniture company overcomes pandemic-era challenges with help from Tiger Advisory Services
NEW YORK, Dec. 13, 2023 /PRNewswire/ — Outdoor furniture company RST Brands has sold as a going-concern to Surya, the global household furnishings brand, 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,” said 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.”
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,” said Tiger Advisory Services division leader and Executive Managing Director Ryan Davis, who served as interim CEO during the turnaround.
“Tiger had faith in RST Brands’ long-term future,” Davis noted.
“When determining which opportunities to pursue, Tiger looks for hidden gems that have tremendous value in their existing businesses,” he explained. “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 said. “We’re excited about this turnaround and that RST Brands was able to find its forever home.”
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SOURCE Tiger Group