Broad River Retail Announces Ownership Transition via Management Buyout

Charlie Malouf, President and CEO of Broad River Retail, the largest independently owned licensee of Ashley HomeStore, announced today the ownership transition of the Company to Malouf and his two minority partners, SVPs Manny Rodrigues and Charlie Workmon, from Executive Chairman and Founder Jonathan Ishee.

“This transition is something that Jonathan and I have been discussing for a few years, since he appointed me as the Company’s President and CEO back in June 2015. We both feel confident that the timing is right to officially pass the baton. Our Company’s financial position is strong, and our management team has several years of proven results. We believe that the Company is well positioned for expansion and growth,” explained Malouf in making the announcement to all retail leaders, executives and managers in a special meeting Thursday morning.

“Any business must have a really great foundation, and we are extremely grateful to Jonathan for the solid foundation he established for our Company,” Malouf stated.

“I feel very comfortable handing over the leadership of Broad River to Charlie and his team. I appreciate all the hard work that has gone into building the business the last fifteen years, and I could not have done this without Charlie over all these years. We have a very special relationship, and I am so happy for this transition. Our success had very little to do with me, and I congratulate all of you for what you’ve built and what you’re going to build,” said Ishee.

“This has been an amicable and smooth transition, and we have constructed a transaction that ensures the stability and long-term health of the Company. We have Jonathan’s full support and he will continue to be available in an executive advisory role for the foreseeable future. We also have the full support of Todd Wanek and Ashley Furniture Industries,” said Malouf.

Todd Wanek stated, “We have a great history with Broad River, Jonathan and Charlie. We are very excited that they are now taking the next steps in their company ownership with Charlie, Charlie and Manny purchasing Jonathan Ishee’s shares. They have proven themselves as fantastic leaders and we look forward to a bright future together.”

Malouf reinforced to Broad River associates his belief in the Company’s strategy and reiterated that the Company will continue to operate under this new ownership structure as it has in recent years. “The driving forces of accountability and responsibility will remain as guiding principles for the Company, and we will continue to live within our budgets,” Malouf stressed.

“I am so grateful for Manny and Charlie, and what they individually mean to this Company, and I couldn’t be more excited for the opportunity to continue being business partners with both of them for hopefully a very long time. Our Company is lucky to have both of them, and the three of us have developed a very strong, collaborative working relationship that we expect to continue. I also feel so humbled and grateful for all of our people without whom none of our Company’s success would have been possible,” Malouf concluded.

Charlie Workmon, SVP of Operations, also addressed the group. “I couldn’t be more humbled to be a part of this company and this ownership team. This is a story about all of us and what we’ve built together. We’re looking forward to a very bright future featuring healthy growth and a people-centric culture,” he commented.

Manny Rodrigues, SVP of Human Capital, told the group, “Today we are reminded and humbled by the impact steadfast faith can have on us personally and professionally. It is an extreme honor and blessing to be here with you all today celebrating this transition. Jonathan and Charlie have done an amazing job building a culture that has endured many challenges over the past fifteen years. Today marks the beginning of a new chapter for Broad River Retail, and I am encouraged everyday by our people and their relentless pursuit of being premier!”

As part of this transaction, Malouf, Workmon and Rodrigues also acquired 100% of Riverstone Logistics, the home delivery company supporting Broad River Retail. Workmon will remain as the president of Riverstone Logistics.

The management team was represented by McGuireWoods during this transaction, and the seller was represented by K & L Gates.

About Broad River Retail
Founded in 2003 and headquartered in Fort Mill, South Carolina, Broad River Retail is the largest independently owned Ashley HomeStore licensee, with 18 Ashley HomeStores in North Carolina, South Carolina and Georgia and one Ashley HomeStore outlet in Charlotte. The privately held Company employs over 500 at its stores, distribution center and corporate office. Broad River was recently named #53 on Furniture Today’s Top 100 U.S. Furniture Stores and the 34th largest privately held company in South Carolina, as recognized in the December issue of South Carolina’s aSCend Magazine.

About Riverstone Logistics
Riverstone Logistics was founded in 2017 to manage and support Broad River Retail's in-home delivery program and other transportation initiatives. Riverstone supports nine employees and currently partners with over 40 contract carriers in the Carolinas. Through this associated entity, Broad River Retail has succeeded in realizing last mile delivery cost reductions and performance enhancements. Charlie Workmon serves as President of Riverstone Logistics.

For More Information
Contact Karen McKenzie, Broad River Retail, 803-228-4828, kmckenzie@shopashley.com.