× Main Page Fashion Lifestyle Sport Home Travel Real Estate Business
Social Responsibility Environment Education Innovations Retail Design Photography
Brands Lists
× Main Page Fashion Lifestyle Sport Home Travel Real Estate Business
Social Responsibility Environment Education Innovations Retail Design Photography
Brands Lists

HOME - COMPANY NEWS

Art Van Furniture Acquires Levin and Wolf Furniture

Monday, November 27, 2017

ART VAN FURNITURE DOWNERS GROVE, Photo Source Chicago Splash

HOME - COMPANY NEWS

Source : Art Van Furniture

Facebook Share Twitter Tweet Google Plus Share

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.





LATEST POSTS
Problem-solving products are always appreciated. Designers who create these products need to know all the details of the problem. This requires the designer to have or often observe the problem. Etchr Satchel is one of these products. I talked to Yan Zhu, Co-Founder, to get detailed information about Etchr products.
It is hard to decide to be a professional photographer. You have to forget about the standard working hours and you should accept that you cannot get rid of your photographer identity even on your holidays. I talked to Jens Lucking, who decided to walk on this road 20 years ago, about his career and the details of portrait photography.
Art galleries in a sense represent the commercial aspect of art. Art dealers bring art lovers and artists together at the same point in order to evaluate the works of artists on a financial basis. I talked with Robert Fontaine, one of these art dealers, who has his own art gallery in Miami.
The external appearance of a house, landscaping, and its location are very important. But even though we live inside the house, we sometimes ignore the importance of interior design. It is enough to look at the pages of decoration magazines to see the effect of a professional touch. I talked with Interior Designer Gillian Lazanik to understand the process of interior designing.