🠈  CORT Business Services Corporation  🠊

CORT Business Services Corporation

CORT is a nationwide network of rental stores that rents business furniture along with items for conventions and events. The company is owned by Berkshire Hathaway

A Short History of CORT

CORT could trace its lineage to a carpet mill established by William Shuttleworth and sons in the Hudson Valley in 1875. The company incorporated as Shuttleworth Brothers Company in 1902. It changed its name to Mohawk Carpet Mills in 1920 after a merger with McCleary, Wallin and Crouse. It changed its name to Mohasco Corporation after a merger with Alexander Smith, Inc. in 1956.

In the 1960s, Mohasco decided to enter the furniture business and began acquiring furniture stores including: Barcolo Manufacturing, Stratford Corporation, Chromcraft and Peters-Revington.

Transactions involving CORT

• In 1972, Mohasco purchased several regional rental businesses as an outlet for their furniture and established CORT Furniture Rental.
• 1987: Mohasco moved its corporate offices to Fairfax, Va to be near its manufacturing plants.
• Mohasco had solid earnings and found itself a target of hostile takeovers
• In 1988, Mohasco orchestrated a buyout with the help of Citigroup by something called MHS Holdings for $455M. MHS Holding was stuck with $300 million in long term debt.
• 1989: MHS spun off Mohawk Industries and CORT.
• 1993: Citigroup created CORT Holdings which acquired the stock of CORT Furniture Rentals.

• 1993: CORT acquired General Furniture Leasing Co..
• In 1995: CORT went public with the symbol "CBS" (which had been vacated after "Columbia Broadcast System" was acquired by Westinghouse.
• 1997: CORT acquired assets of Levitt Investment Company, the McGregor Corporation and ALCO Trade Show Services.
• 1997: Westinghouse changed its name to CBS and bought the symbol "CBS," CORT changed to the symble "CBZ".
• 1998: CORT sells part of its residential rental program to Aaron Rents
• 1998: Bruckmann, Rosser, Sherrill & Co. launched deal to acquire CORT. The BRS deal was terminated after receiving better offers.
• 1998: The Wesco Financial division of Berkshire Hathaway acquired CORT for $467 Million.

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References:

1. Wikipedia - Mohawk Industries (Drawn 12/18/2017)
2. Berkshire - press release (Drawn 12/18/2017)

Directory Listings:

• Phoenix Color - Home & Garden: CORT Furniture Rental
• Denver Color - Furniture: CORT Office Furniture
• Salt Lake Sites - Rental Stores: CORT Furniture Rental

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