Onyx Partners has acquired Florida furniture retailer Kane’s Furniture in a transaction that also brings 18 retail properties into the Massachusetts investment firm’s portfolio. The deal is unfolding in two phases: 11 properties closed in October, while the remaining seven are expected to close in early 2027. Financial terms were not disclosed.
Key takeaways
Onyx’s acquisition combines a long-established retail business with a substantial Florida real estate portfolio. Important details—including how the properties correspond to Kane’s stores and whether the retailer’s operations will change—remain unclear.
- The transaction covers Kane’s Furniture and 18 Florida properties.
- Eleven properties closed in October; seven more are scheduled to close in early 2027.
- Neither the purchase price nor the individual property locations have been announced.
- No changes to Kane’s store footprint or management have been disclosed.
A two-part transaction
Onyx announced the acquisition Nov. 4. The first phase, involving 11 properties, closed in October, and the remaining seven are expected to close in early 2027. When complete, the transaction will include all 18 properties.
The announcement does not identify the properties or specify how they relate to Kane’s current stores. The retailer advertises 17 Florida locations and more than 1 million square feet of showroom space, but the public information does not establish whether the properties in the deal are those stores, other real estate, or a mix.
Retail business meets real estate
The acquisition brings together Kane’s operating business and a sizable portfolio of large-format retail properties. Onyx describes its investment approach as acquiring and repositioning underutilized assets and businesses, and founding partner Anton Melchionda highlighted the properties’ locations and the goal of positioning them for long-term success.
That focus puts the real estate at the center of questions about what comes next. Onyx has not announced plans to reposition any locations, changes to Kane’s operations, or whether the retailer’s existing management will stay in place. The company’s current store footprint has not been reported as changing.
Kane’s Florida history
Kane’s traces its roots to 1948, when Maurice A. Rothman opened a showroom in downtown St. Petersburg. The business expanded over the decades, adding locations and acquiring other retailers, including Sarasota-based Savon Furniture in 1979. The remaining Savon stores later adopted the Kane’s name.
Based in Needham, Massachusetts, Onyx invests in private equity and commercial real estate. The firm says its principals have completed more than 100 transactions over more than 40 years, representing over $2 billion in enterprise value. The terms of the Kane’s deal have not been made public, leaving the relative value of its retail and property components unknown.