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Monday, November 27, 2017
ART VAN FURNITURE DOWNERS GROVE, Photo Source Chicago Splash
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Source : Art Van Furniture
Art Van Furniture, the Midwest's No. 1 furniture and mattress retailer, today announced that it has acquired two privately-held Pennsylvania furniture companies, Pittsburgh-based Levin Furniture and Altoona-based Wolf Furniture.
"Today's acquisitions of these two well-established furniture retailers - both intricately woven into the fabric of their communities - underscores a transformative new era of thoughtful expansion at Art Van Furniture," said Kim Yost, president and CEO of Art Van Furniture. "From their commitment to their customers to their long-standing histories and corporate cultures, Levin and Wolf are a perfect fit for Art Van's growing family of brands.
Levin Furniture was founded by Sam Levin in 1920, and is currently led by his grandson, Robert Levin, who serves as President. Art Van Furniture's acquisition of the 97-year-old, family-owned and operated business will add 35 stores across Pennsylvania and Ohio to its expansive portfolio of brands and showrooms.
"This exciting new chapter for Levin Furniture comes as we near the 100th anniversary of my grandparents' very first store," said Levin. "Becoming part of the Art Van Furniture family of retailers will allow Levin to cement future growth, continue to be of service to the community and provide a superior shopping experience."
Wolf Furniture was co-founded in 1902 by Charles Wolf and Jon Fox, and is currently led by CEO and fourth-generation family member, Doug Wolf. In 2015, Wolf Furniture acquired Maryland-based Gardiners Furniture, and rebranded the stores Gardiner Wolf Furniture. Wolf Furniture operates 18 showrooms in Pennsylvania, Maryland, and Virginia, which will be added to Art Van Furniture's growing portfolio.
"The timing was right, and the opportunity presented itself," said Wolf. "The heart and soul of our 115-year-old company will remain the same with this acquisition, and Wolf Furniture will benefit from Art Van's enormous buying power, warehouse and distribution capacity and services."
With the acquisitions of Levin and Wolf, Art Van becomes a top ten national furniture retailer based on sales, with 176 stores which includes 18 Art Van franchise stores in nine states and $1.3 billion in expected annual sales. The acquisitions will also add 1,900 new employees to Art Van's current employee base of 3,600, bringing the total to 5,500 associates. Levin and Wolf Furniture will both maintain their names and all current management teams plus staff will remain in place. All Levin and Wolf customer accounts and product warranties will continue as well.
RBC Capital Markets, LLC acted as financial advisor to Art Van Furniture in connection with the transactions. Kirkland & Ellis LLP provided legal advice to Art Van Furniture. Financial terms for the transactions were not disclosed.
In March 2017, Art Van completed an equity recapitalization in partnership with Thomas H. Lee Partners, L.P. ("THL"). THL of Boston is the majority shareholder of Art Van.