Onyx Partners Buys Kane's Furniture

Onyx Partners Ltd. acquired Kane's Furniture from its longtime owners. The announcement came Wednesday, Nov. 4, marking a shift in control for the Pinellas Park-based retailer. The transaction includes 18 retail locations across Florida. Onyx closed on the first 11 properties in October. The remaining seven will close in early 2027.

The Needham-based firm did not disclose the purchase price. It also did not name the specific properties involved. Onyx described the assets as large retail spaces on established commercial corridors. The firm noted these locations are in some of Florida's busiest markets. Onyx specializes in commercial real estate and business operations. It often buys properties to improve or reposition them.

Anton Melchionda is a founding partner at Onyx. He stated that the locations are central to the acquisition. Melchionda said the company is pleased to partner with Kane's ownership. He noted that Kane's has been part of Florida furniture retail for decades. Melchionda added that the properties are well-located in one of the country's strongest retail markets. He said the firm looks forward to positioning them for long-term success.

Kane's began in 1948. Maurice A. Rothman opened a showroom in a converted rooming house in downtown St. Petersburg. That initial space was about 12,000 square feet and lacked air conditioning. By 1958, the company opened a 50,000-square-foot store in the same city. It later expanded into other Florida markets. The company acquired Savon Furniture in 1979 and Kane's of Orlando in 1987. In 2014, it rebranded the Savon stores under the Kane's name.

Kane's currently advertises 17 stores across Florida. These locations span Tampa Bay, Orlando, and Southwest Florida. Onyx has not explained how those stores correspond to the 18 properties in the deal. The retailer operates more than 1 million square feet of showroom space. The company has a history spanning nearly 80 years.

Onyx has completed more than 100 transactions in the past four decades. These deals represent over $2 billion in enterprise value. The firm has not said if current management will stay. It has not detailed how retail operations will be structured under new ownership. No changes to operations have been announced following the early 2027 closings.