DETROIT, MI (WTOL) - Art Van Furniture announced Wednesday they would sell their company to Thomas H. Lee Partners.
"After thoughtful consideration and strategic evaluation, we determined that Thomas H. Lee Partners is absolutely the right ownership partner for Art Van," said CEO Kim 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 founder and chairmen of the company, opened the first store in 1959 in Detroit. The company eventually grew to become one of the largest independent furniture retailers in the United States.
Today, Art Van Furniture has over 100 stores employing more than 3,500 people.
"The heartbeat of any organization is its people," said Elslander. "I am proud of Art Van Furniture's history and what we have accomplished. 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."
Thomas H. Lee has invested in several consumer and retail brands since its founding in 1974 including 1-800 Contacts, Bargain Hunt Superstores, Dunkin' Brands, and Party City.
Top executives for Art Van Furniture will keep their positions including Gary Van Elslander as president of the furniture division and David Van Elslander as president of the mattress division.
Existing company leadership led by CEO Kim Yost will work closely with Thomas H. Lee to continue to enhance organizational growth and the brand's plans for the
"We are gratified and honored to be able to partner with Art Van Furniture as the Company moves into its next phase of growth," said 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."
The sale is scheduled to close in February. As part of the agreement, sale terms will not be released.
