Klaussner Home Furnishings Acquired by Monomoy Capital Partners
Furniture World News Desk on
2/20/2017
Klaussner Home Furnishings recently reported that it has been acquired by private investment firm, Monomoy Capital Partners. Terms of the deal were not disclosed.
Klaussner’s current management team, led by president and CEO Bill Wittenberg, who joined the company in 2010, will remain in place and maintain a minority stake in the business. Wittenberg led a management buyout in 2011 along with Klaussner’s current CFO, Dave Bryant. Referring to the acquisition, Wittenberg said, “This transaction will provide further operational capabilities and instant capital for major growth which is what we have been positioning the company for over the past six years. Klaussner is ready for the next chapter. There will be positive changes and growth ahead of us that will only benefit our employees and retail partners.” Raymond James & Associates acted as the exclusive financial advisor to Klaussner Home Furnishings in connection with the transaction.
“Our transformation is a wonderful testimony to the organization and is what Monomoy found attractive” said Wittenberg. “Not only has Klaussner grown, our people have grown. Now the timing is right, and we are poised and ready for even greater growth as a result of our new partnership with Monomoy.”
Monomoy is equally excited about the new alliance. “We are proud to partner with the management team at Klaussner to help the business continue to grow and serve its customers. We believe Klaussner’s unique U.S. manufacturing capabilities and speed to market are true differentiators for the long-term success of the business,” said John Stewart, a Partner at Monomoy. Founded in 2005, Monomoy has successfully executed more than 40 middle-market transactions in its 11-year history. With $1.5 billion in committed capital, Monomoy has an established track record of producing industry- leading investment returns.
More about Klaussner Home Furniture: Founded as Stuart Furniture in 1963 by Stuart Love, a pioneer in the home furnishings field, the company was purchased by Hans Klaussner in 1979. The name change came in 1986. Over the course of its 54-year history, the Asheboro, North Carolina based company with more than 1,800 employees has grown to become one of the largest furniture companies in America with showrooms in High Point, Las Vegas, and Chicago. Klaussner was founded on “just-in-time” delivery and today continues to offer 21-day shipment of custom orders. Klaussner’s complete portfolio of product includes domestic upholstery, import upholstery, domestic motion, case goods, Enso Sleep Systems, Comfort Design, and Klaussner Outdoor.