Two Shanghai companies have bought US home-furnishings company Lexington Home Brands from investment firm Sun Capital Partners, its owner for 15 years.

The purchase price has not been disclosed, nor the specific ownership stakes of the new owners, private equity firm Yixing Capital and textiles retailer Luolai Lifestyle Technology.

Lexington officials say the transaction will not result in any changes in day-to-day trading, and the current senior management team will stay in place.

“We’ve enjoyed a long and mutually beneficial relationship with the team at Sun Capital,” says Lexington Home Brands president/CEO Phil Haney. “They have been terrific partners, fully supporting the growth and acquisition initiatives that have allowed us to gain market share and expand into complementary lines of business like outdoor living with Tommy Bahama, home-office and media solutions with Sligh, and decorative accents and custom dining with Artistica.

“While the relationship has proven ideal for both parties, private equity investments involve an exit strategy, and the timing was appropriate for us to identify a new financial partner.”

Haney says the ownership change will allow the company to further expand its domestic business through organic growth and acquisitions, and creates “significant international growth opportunities”.

“We had two specific objectives in identifying the right business partner,” Haney says. “The first was to ensure a seamless transition for our employees, the second was to ensure continuity of the business for our retail partners. I am pleased that both were accomplished.”

Lexington Home Brands designs, sources, manufactures and markets upscale home furnishings.