Hancock & Moore and its high end case goods and upholstery subsidiary Councill Company have reached an agreement to purchase certain assets of Thomas & Gray, an upper-end case goods importer.

The companies have also announced that industry veteran Tom Tilley, the owner and founder of Thomas & Gray, has joined Councill as CEO effective today. He replaces Carlton Mallory, who is retiring from the company after serving as president and CEO for 10 years.

Officials did not reveal a purchase price or describe the nature of the assets included in the deal, which is expected to be finalized in the coming weeks.

Councill produces high-end case goods and upholstery for residential, contract and hospitality markets in Denton, N.C.

Thomas & Gray, which Tilley formed in 2009 after leaving Henredon, produces upper-end case goods. Sourced in Bogota, Colombia, its line features beds and dining tables that retail from $5,000 to $6,000.

Tilley, who also previously held executive leadership roles at Thomasville and Pennsylvania House, said Thomas & Gray will operate as a division of Councill. It will continue to be sourced in Bogota, offering a moderate price point in the Councill line.

"They are compatible in terms of being beautiful and high quality product and should complement each other nicely," Tilley said. "It should be a good fit."

The acquisition also offers Thomas & Gray an opportunity to gain access to various contract and hospitality markets served by Councill.

"I am honored to be joining Councill as its new CEO," Tilley said. "The people of Councill make beautifully crafted case goods and upholstery. Thomas & Gray will fit beautifully into the Councill assortment since both lines have very high quality standards."

"We are all very pleased that Tom Tilley, a talented and experienced industry veteran, will be joining Councill and bringing new products and price points to Councill's product assortment," Jack Glasheen, CEO of Hancock & Moore, said in a statement. "The Thomas & Gray product line will be maintained and expanded, while we will continue our focus on the high end of the market taking advantage of the wonderfully skilled workforce at Councill."

Glasheen also applauded the contributions Mallory has made to the company over the past 10 years, "as Councill excelled at producing and shipping exceptional furniture for home and office."