US residential furniture producer La-Z-Boy Incorporated has completed the sale of its American of Martinsville subsidiary to Los Angeles-based private equity firm Hancock Park Associates. Terms of the transaction were not immediately disclosed, although the company expects it will result in a small gain which will be reported when the company issues its fiscal 2007 first- quarter results on August 15. American of Martinsville's net sales for fiscal 2006 represented approximately 5% of La-Z-Boy Incorporated's total revenue.

The company is best known for their recliners, but also produces chairs, sofas, tables and rugs and accessories, using wood, fabric and leather.