Private Equity Firm Acquires Art Van Furniture

January 25, 2017  by Larry Thomas in Acquisition, Industry   

Terms of the deal were not disclosed, but the retailer said the existing leadership team would remain in place.

The company said CEO Kim Yost will work closely with THL “to continue to enhance organizational growth and the brand’s plans for the future.” Gary Van Elslander will remain as president of Art Van Furniture, and David Van Elslander as president of Art Van PureSleep.

“After thoughtful consideration and strategic evaluation, we determined that Thomas H. Lee Partners is absolutely the right ownership partner for Art Van,” said Yost. “We are collectively committed to building on Mr. Van’s tremendous legacy as we enter this new chapter of the Art Van Furniture story.”

Art Van Elslander, the chairman and founder of Art Van Furniture, as well as its sole shareholder prior to the sale, opened his first store in 1959 on Gratiot Avenue in Detroit. Today, the retailer has more than 100 stores in five states, a successful franchising program and more than 3,500 employees.

“I am proud of Art Van Furniture’s history and what we have accomplished,” said Van Elslander. The time for an ownership transition is right and the opportunity presented itself. There is still much I want to do, and I feel confident knowing the company and its people will be in the very best of hands for continued growth and success.”

The sale is expected to close in February.

“We are gratified and honored to be able to partner with Art Van Furniture as the Company moves into its next phase of growth,” added Jeff Swenson, managing director at THL. “Over nearly six decades, the company has continuously realized Mr. Van’s vision and set the standard for excellence in furniture retail in the Midwest. We look forward to working with the entire team at Art Van as we continue to aggressively grow this outstanding brand.”