The Urethane Blog

Monomoy Enters the Furniture and Foam Business

Private Equity Firm Acquires Klaussner

Upholstery and case goods resource Klaussner Home Furnishings has been acquired by the private equity firm Monomoy Capital Partners in a deal the company said will benefit both its employees and retail dealers.

The company said Monomoy now holds majority stake, but said Klaussner’s current management team, led by President and CEO Bill Wittenberg, will remain in place and maintain a minority stake in the business.

Terms of the transaction were not disclosed.

Wittenberg and Klaussner Chief Financial Officer Dave Bryant led a management buyout of the company in 2011.

“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,” said Wittenberg. “Klaussner is ready for the next chapter.”

The company’s product line includes domestic and imported upholstery, imported case goods, bedding and outdoor furniture. Its bedding is sold under the Enso Sleep Systems brand, and the line-up also includes an upper-end upholstery division called Comfort Design.

Founded as Stuart Furniture in 1963 by Stuart Love, a pioneer of quick delivery in the home furnishings field, the company was purchased by Hans Klaussner in 1979. The name was changed to Klaussner Home Furnishings in 1986, and the Asheboro, N.C.-based company now has more than 1,800 employees.

“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.”

He said Klaussner will continue to offer 21-day shipment of special order upholstery, a feature he said gives the company a significant competitive advantage.

“We are proud to partner with the management team at Klaussner to help the business continue to grow and serve its customers,” added John Stewart, a partner at Monomoy. “We believe Klaussner’s unique U.S. manufacturing capabilities and speed to market are true differentiators for the long-term success of the business.”

– See more at: http://hfbusiness.com/hfbnow/ArticleId/15405/private-equity-firm-acquires-klaussner#sthash.Sdh7u2NS.dpuf

More History:

History

Stuart Newsletter
1963Stuart Love established an upholstery business – Stuart Furniture Industries

Stuart Furniture Move
1972Stuart Furniture Moved Operation From Industrial Park Location To Lewallen Street Plant

Hans and Group
August 14, 1979Hans Klaussner purchased Stuart Furniture Industries

Prestige Fabricators
1988Klaussner Purchased Prestige Fabricators

Distribution Center
August 1993Distribution Center Opened On NC HWY 49

JDI
1998Klaussner Acquired JDI In St. Louis And Entered Casegood Business JDI Moved To Business 220

New Frame Operation in Candor Opened
November 2000New Frame Operation in Candor Opened

Distribution Center Addition
January 2004130,000 Sq. Ft. Addition To Klaussner International Casegoods Distribution Center

Silver Anniversary
August 14, 2004Celebrated the 25th anniversary of Hans Klaussner’s purchase of the company

New Klaussner Brand
October 2007New Klaussner Brand Launched

Comfort Design
Spring 2009Comfort Design Launched

Enso Bedding Line
Spring 2010Enso Bedding Line Introduced

JB and Bill
April 2010JB Davis Announced Retirement Bill Wittenberg Became President And CEO

Klaussner Showroom
March 2011New Showroom In High Point Completed

Management Buyout
April 2011Management Buyout

50 year anniversary
January 2013Klaussner Celebrate 50 year anniversary

Klaussner Outdoor
September 2014Klaussner Outdoor Launched

http://www.klaussner.com/history.inc