Onyx Partners has acquired Kane’s Furniture in a two-phase transaction covering 18 properties across Florida. The deal brings the longtime regional retailer and its real estate portfolio into the Massachusetts investment firm’s holdings. The first phase, involving 11 properties, reportedly closed in October 2026; the remaining seven are expected to follow in early 2027.
Key takeaways
- The transaction covers 18 large-format retail properties in Florida.
- The first phase included 11 properties; the second is expected to include seven.
- Kane’s Furniture traces its roots to a single St. Petersburg showroom opened in 1948.
- Onyx says it sees long-term potential in the retailer and its well-located properties.
The announced timing places the first closing in October 2026, with completion of the second phase anticipated in early 2027. The transaction’s reported details do not include financial terms.
A two-phase acquisition
The first phase, involving 11 properties, closed in October 2026, according to the announcement. The remaining seven properties are expected to be included in a second phase scheduled for early 2027. Once complete, the transaction would encompass all 18 identified sites.
The properties are described as large-format retail locations along established commercial corridors in several Florida markets. The announcement frames their locations as a source of exposure to existing retail activity and consumer demand.
Kane’s Florida roots
Kane’s began in 1948 as a single showroom in St. Petersburg and grew into a home furnishings retailer serving customers across Florida. Its showrooms and retail operations have built a regional presence over more than 75 years.
The acquisition combines the operating business with its associated real estate portfolio under Onyx Partners’ ownership. The announcement did not detail changes to Kane’s stores, staffing or day-to-day operations.
Onyx’s investment approach
Onyx Partners is a private equity and commercial real estate investment firm based in Needham, Massachusetts. The firm says it focuses on acquiring and repositioning underutilized properties and operating businesses, seeking to improve their performance and long-term value.
Its principals have participated in more than 100 transactions representing over $2 billion in enterprise value, according to the announcement. Onyx’s founding partner, Anton Melchionda, described Kane’s as a longstanding part of Florida’s furniture retail market and pointed to the properties’ locations as a foundation for pursuing their long-term potential.
The deal expands Onyx’s presence in Florida retail real estate while adding an established consumer-facing business. Its next milestone is the anticipated closing of the second phase, which would bring the remaining seven properties into the transaction.