Klaussner purchased by private equity firm

Monomoy Capital Partners buys majority stake, management to remain, retain minority stake

ASHEBORO, N.C. – Klaussner Home Furnishings has been acquired by private investment firm Monomoy Capital Partners. Terms of the deal were not disclosed.

Klaussner’s current management team, led by president and CEO Bill Wittenberg, who joined the company in 2010, will remain in place and maintain a minority stake in the business. Wittenberg led a management buyout in 2011 along with Klaussner’s current CFO, Dave Bryant.

Referring to the acquisition, Wittenberg said, “This transaction will provide further operational capabilities and instant capital for major growth which is what we have been positioning the company for over the past six years. Klaussner is ready for the next chapter. There will be positive changes and growth ahead of us that will only benefit our employees and retail partners.”

Raymond James & Associates acted as the exclusive financial advisor to Klaussner Home Furnishings in connection with the transaction.

“Our transformation is a wonderful testimony to the organization and is what Monomoy found attractive,” said Wittenberg. “Not only has Klaussner grown, our people have grown. Now the timing is right, and we are poised and ready for even greater growth as a result of our new partnership with Monomoy.”

In a prepared statement, Monomoy partner John Stewart said, “We are proud to partner with the management team at Klaussner to help the business continue to grow and serve its customers. We believe Klaussner’s unique U.S. manufacturing capabilities and speed to market are true differentiators for the long-term success of the business."

Founded in 2005, Monomoy has successfully executed more than 40 middle-market transactions in its 11-year history. With $1.5 billion in committed capital, Monomoy has an established track record of producing industry-leading investment returns.

Furniture Today Staff | Staff Editors

Furniture Today covers all the news concerning manufacturers, retailers and suppliers in the home furnishings sector.

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