- Associated Press - Wednesday, June 7, 2017

PONTOTOC, Miss. (AP) - Shareholders have sold most of a Mississippi furniture maker to a New York private equity firm.

Gainline Capital Partners said Wednesday that it has bought out the shareholders of Pontotoc-based Southern Motion, which makes reclining furniture in northeast Mississippi. Gainline didn’t say how much it paid, but said CEO Roger Bland and other managers would stay in place and keep a “significant stake” in the business.

In a statement, Bland says the deal allows original Southern Motion investors to cash out. Gainline Managing Director Rick Sullivan says his investment firm hopes to support long-term growth at Southern Motion.

Southern Motion, founded in 1996, has 1,500 employees in Pontotoc and Baldwyn.

Gainline says on its website that it typically makes investments of $10 million to $50 million.

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