LockeBridge Capital Partners, a Boston area investment bank focused on mergers, acquisitions, divestitures, valuations and capital raises, announced today that it has acted as the exclusive financial advisor to Pacific Furnishings, Inc. (“Pacific”) on its sale to Workplace Resources of Oregon, Inc., (“WRO”).   Located in Portland Oregon, Pacific was found in 1889 and is the oldest operating office furniture distributor in the country.  The company has a long established reputation in the community and is recognized as the market leader in the government, education and healthcare sectors.  WRO also has a preferred relationship with Herman Miller, as well as numerous other manufacturers. The combination of the two companies is expected to result in significant synergies, which will ultimately accrue to the benefit of its combined customer base.

Mr. John Stirek, Pacific Co-owner, stated, “We are confident that the combination of Pacific and WRO will result in substantial benefits to our mutual customers as well as an increase in market share in the Southwest Washington and Oregon territories. The decision to engage LockeBridge, an investment banking firm located on the other side of the country, was one we made after substantial research.  LockeBridge’s subject matter expertise in the office furniture space combined with its substantial transactional experience served to protect our best interests across multiple disciplines including accounting, legal, tax, finance and employment matters.  Prior to our engagement with LockeBridge we thought we were hiring a firm to assist us in identifying a purchaser and negotiate deal terms. We now realize that the sale of a business is a complex transaction, involving much more than identification and negotiation skill, accordingly we were thrilled to have LockeBridge on our side.”

Mr. Scott Waxler, LockeBridge Managing Partner, commented, “As the oldest existing office furniture distributor in the country we took the responsibility of protecting Pacific’s substantial legacy very seriously.   A successful sale is defined far beyond mere price.  In fact, most mergers don’t work because of issues such as lack of synergies, incompatible cultures and/or brand cannibalization.  Obviously, the shortfall starts from the get-go when the advisor fails to recognize the client’s transactional needs.  LockeBridge spent significant time understanding the individual needs of each of Pacific’s three owners and the critical success factors which would result in a successful merger. We look forward to the Pacific legacy living on with WRO for another 130 years.”