Onyx Partners has acquired Kane’s Furniture in a phased transaction that combines a long-running Florida retailer with a portfolio of 18 retail properties. The first 11 properties closed in October, while the remaining seven are expected to close in early 2027. The purchase price and property locations have not been disclosed, leaving questions about how the real estate and stores fit together.
Key takeaways
- The Massachusetts investment firm’s deal covers Kane’s Furniture and 18 Florida retail properties.
- Eleven properties closed in October; seven more are scheduled to close in early 2027.
- The purchase price and the properties’ specific locations have not been made public.
- Onyx has not announced changes to Kane’s management, store footprint or operating structure.
A transaction combining retail and real estate
Onyx announced the transaction Nov. 4. The deal is notable because it involves both an established furniture retailer and a sizeable portfolio of large-format retail properties. It is not yet clear whether all 18 properties are occupied by Kane’s or how they correspond to the retailer’s existing locations.
Kane’s advertises 17 stores across Florida, with more than 1 million square feet of showroom space, according to reporting cited by Furniture Today. The portfolio’s locations have not been publicly matched to those stores. Neither the purchase price nor individual property details have been disclosed.
Kane’s Florida roots
Maurice A. Rothman founded Kane’s in 1948 with a showroom in downtown St. Petersburg. The business expanded over the following decades, including through the acquisition of Sarasota-based Savon Furniture in 1979 and the launch of Kane’s of Orlando in 1987. The remaining Savon stores were later converted to the Kane’s name.
The retailer grew into a statewide operation serving markets including Tampa Bay, Orlando and Southwest Florida. Its long history gives Onyx an established retail business alongside the properties included in the deal.
Onyx’s investment strategy and next steps
Needham, Massachusetts-based Onyx invests in private equity and commercial real estate. The firm says its principals have completed more than 100 transactions over four decades, representing more than $2 billion in enterprise value. Its stated approach includes acquiring and repositioning underused assets and operating businesses.
Onyx founding partner Anton Melchionda highlighted the properties’ locations and said the firm intends to position them for long-term success. The announcement did not provide details about plans for individual sites, Kane’s management or the retailer’s store network. No changes to the existing footprint have been announced.
The remaining seven properties are expected to close in early 2027. Until more details emerge, the central question is how Onyx will balance the value of Kane’s retail operation with the potential of its Florida real estate portfolio.