From Home Furnishing Business
Art Van Buys Pennsylvania-based Wolf, Levin Furniture
Art Van said the acquisitions of the two family-owned companies will make it one of the 10 largest furniture retailers in the country with projected annual sales of $1.3 billion.
Levin has 35 stores in the Pittsburgh and Cleveland markets, while Wolf has 18 stores in Pennsylvania, Maryland and Virginia.
With the acquisitions, Art Van will have 176 stores, including 18 franchised locations, in nine states.
Wolf currently is headed by fourth-generation family member Doug Wolf, while Levin is headed by third-generation family member Robert Levin.
“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. “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.
Yost said Levin and Wolf Furniture will both maintain their names and all current management teams, and the existing staff will remain in place. All Levin and Wolf customer accounts and product warranties will continue, as well, he explained.
The acquisitions will add 1,900 employees to Art Van’s current employee base of 3,600, the retailer said.
“This exciting new chapter for Levin Furniture comes as we near the 100th anniversary of my grandparents’ very first store,” said Robert 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.”
Financial terms of the transactions were not disclosed.
“The timing was right, and the opportunity presented itself,” said Doug 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.”