Investor group completes purchase of Carls Patio
March 21, 2013-- Casual Living,
BOCA RATON, Fla. -- Carls Patio announced the completion of its purchase by an investor group headed by company President Paul Otowchits and Weinberg Capital Group of Cleveland, Ohio. The company will operate nine patio furniture locations on the east and west coasts of Florida, as well as its national website, www.patiofurniture.com.
The transaction was led by Weinberg Capital Group, which "structured the transaction as a purchase of the business and assets of the former Carls Patio from within a Delaware bankruptcy proceeding," according to a press release. A U.S. Bankruptcy Court judge approved the $4.2 million sale earlier this month.
Otowchits, who previously served as vice president at Carls Patio under its prior ownership, is now a shareholder along with Weinberg Capital Group and will serve as the new company's president.
"The entire team at the company is excited over this opportunity to take Carls to the next level," Otowchits said. "Our management has long been at the forefront of the casual furniture evolution and we are now poised to aggressively enhance our Internet presence and roll out a number of new ideas for our retail locations.
"I am personally gratified by the support we have been getting from our friends and suppliers in the industry, and many others who are wishing us well and want to be part of our program," he added.
Carls Patio will remain headquartered in Southeast Florida and has announced plans to move its warehouse and headquarters into a single facility. New store expansion is also planned, coupled with increased emphasis on categories such as pillows, tabletop, grills and other items. The company will continue with its current furniture brand names, alongside its newly created "Ship ‘n Shore" collections.
Weinberg Capital Group is headquartered in Cleveland, Ohio, and its partner Ron Weinberg will serve as board chairman of Carls Patio. Weinberg Capital Group is a private investor in a portfolio of businesses, including mattress manufacturer Advanced Sleep Concepts of Rome, Ga., and Channel Products, an Ohio-based manufacturer of igniters for outdoor grills. Weinberg has also been involved as an investor and producer of feature-length movies, the release states.
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