Key Takeaways
- • Massachusetts private equity firm Onyx Partners Ltd. has acquired Kane's Furniture, a Pinellas Park-based Florida furniture retailer with nearly 80 years of history, according to an announcement on Wednesday, Nov. 4.
- • The deal covers 18 retail properties across Florida, with Onyx closing on the first 11 in October and the remaining seven scheduled for early 2027.
- • Neither the purchase price nor the individual properties were disclosed.
- • Kane's operates over 1 million square feet of showroom space and currently advertises 17 stores across Florida, though Onyx has not mapped those stores to the 18 properties in the deal.
- • Kane's future management, retail operating structure, and post-closing plans have not been disclosed.
Summary
Onyx Partners Ltd., a Needham, Massachusetts-based private equity firm, has acquired Kane's Furniture, a longtime Tampa Bay retailer headquartered in Pinellas Park, Florida. The company, which has nearly 80 years of history and more than 1 million square feet of showroom space across the state, was acquired in a transaction announced Wednesday, Nov. 4, according to the announcement cited by the publisher.
The acquisition centers on 18 retail properties across Florida. Onyx closed on the first 11 in October and expects to close on the remaining seven in early 2027. Neither the purchase price nor the specific property locations were disclosed. Onyx described the sites as large retail properties along established commercial corridors in some of Florida's busiest markets.
Onyx founding partner Anton Melchionda said the firm was pleased to partner with Kane's ownership. "These are well-located properties in one of the country's strongest retail markets, and we look forward to positioning them for long-term success," Melchionda said. Onyx specializes in buying commercial real estate and operating businesses, often with plans to improve or reposition the properties. According to the firm, its principals have completed more than 100 transactions representing over $2 billion in enterprise value over the past four decades.
Kane's traces its origins to 1948, when Maurice A. Rothman opened a furniture showroom in a converted rooming house in downtown St. Petersburg. The business expanded to a roughly 50,000-square-foot St. Petersburg store by 1958 and later grew into a statewide chain. Kane's acquired Sarasota-based Savon Furniture in 1979 and Kane's of Orlando in 1987, and rebranded the Savon stores under the Kane's name in 2014. The company currently advertises 17 stores across Florida, including locations in Tampa Bay, Orlando and Southwest Florida.
The publicly available announcement did not address whether Kane's existing management will remain, how its retail operations will be structured under Onyx ownership, or what changes are planned following the remaining property closings.
The acquisition centers on 18 retail properties across Florida. Onyx closed on the first 11 in October and expects to close on the remaining seven in early 2027. Neither the purchase price nor the specific property locations were disclosed. Onyx described the sites as large retail properties along established commercial corridors in some of Florida's busiest markets.
Onyx founding partner Anton Melchionda said the firm was pleased to partner with Kane's ownership. "These are well-located properties in one of the country's strongest retail markets, and we look forward to positioning them for long-term success," Melchionda said. Onyx specializes in buying commercial real estate and operating businesses, often with plans to improve or reposition the properties. According to the firm, its principals have completed more than 100 transactions representing over $2 billion in enterprise value over the past four decades.
Kane's traces its origins to 1948, when Maurice A. Rothman opened a furniture showroom in a converted rooming house in downtown St. Petersburg. The business expanded to a roughly 50,000-square-foot St. Petersburg store by 1958 and later grew into a statewide chain. Kane's acquired Sarasota-based Savon Furniture in 1979 and Kane's of Orlando in 1987, and rebranded the Savon stores under the Kane's name in 2014. The company currently advertises 17 stores across Florida, including locations in Tampa Bay, Orlando and Southwest Florida.
The publicly available announcement did not address whether Kane's existing management will remain, how its retail operations will be structured under Onyx ownership, or what changes are planned following the remaining property closings.
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