Bill Wittenberg, CEO and President, Dave Bryant, CFO, and a team of managers of Klaussner Home Furnishings announced the consummation of a management buyout of Klaussner Home Furnishings from the company’s owner Hans J. Klaussner.
Speaking from the company’s new showroom in High Point, NC, Klaussner CEO and
President Bill Wittenberg said, “I am very excited for our associates and our retail
partners. I’m also excited about the opportunity this creates for our highly experienced
Klaussner management team. The company will be owned and operated by the
management team, the same team that is successfully running the company today. On
behalf of myself, Dave Bryant and the entire management buyout team, I just want to saywe are committed to being the home furnishing industry’s leading solutions provider”.
With the buyout announcement coming during one of the industry’s biggest annual
events, the Spring 2011 Furniture Market in High Point, Wittenberg sees an opportunity
to spread the good news in person: “We’re hoping that when our industry colleagues
and partners stop by for a tour of our new 90,000-square-foot showroom, Klaussner on
Hamilton, they’ll take one look and realize we’re a company on the move.”
Wells Fargo Capital Finance, part of Wells Fargo & Company, provided the acquisition financing.
“With more than 125 years of combined experience, I look forward to where the senior management team can take this company,” continued Bill Wittenberg. “It’s no secret that the last couple of years have been tough for the furniture industry, but with the financing support we have received from Wells Fargo Capital Finance, the leadership of this management team, and our new showroom in High Point, the road ahead looks bright for Klaussner.”
“This financing is the beginning of a new era for Klaussner,” said Rob Griffin, managing director at Wells Fargo Capital Finance. “We continue to have confidence in the industry and are very supportive of the strong experienced executive management team of Klaussner. I have enjoyed working with Bill and the senior management team to support their goals and look forward to working to continuing that relationship as we go forward.”
Since 1963, Klaussner Home Furnishings has grown to become one of the largest furniture manufacturers in America. With over 1,500 employees with manufacturing and warehouse facilities located in North Carolina and Iowa along with an import infrastructure in Asia, the company is dedicated to providing retailers with a single source for quality furniture products that fit a range of styles, product categories and price points.
Mr. Klaussner and his father, German entrepreneurs, purchased Asheboro, North
Carolina’s Stuart Furniture in 1979. The company was later renamed Klaussner
and has grown to be one of America’s largest furniture makers. Through strategic
acquisitions, domestic and overseas partnerships, and state-of-the-art inventory control
and manufacturing/shipping operations, Klaussner has created a vertically integrated
furniture powerhouse capable of producing custom-order furniture in just 21 days or less.
Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior secured financing, accounts receivable financing and purchase order financing to companies across the United States and Canada. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting, timeshare development and others. For more information, visit wellsfargocapitalfinance.com