Management Team Acquires Klaussner

April 2, 2011  by in UnCategorized   

By Home Furnishings Business in Acquisition on April 3, 2011

Case goods and upholstered furniture vendor Klaussner Home Furnishings CEO Bill Wittenberg and senior management have acquired the company from Hans Klaussner.

Wells Fargo Capital Finance, part of Wells Fargo & Co., provided the acquisition financing. Terms of the deal were not disclosed.

"With more than 125 years of combined experience, I look forward to where the senior management team can take this company," Wittenberg said. "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."

Also this week, Klaussner opened its new 90,000-square-foot High Point Furniture Market showroom in High Point after relocating from Asheboro, N.C.

Klaussner Home Furnishings has more than 1,500 employees with manufacturing and warehouse facilities located in North Carolina and Iowa along with an import infrastructure in Asia.