Klaussner purchased by private equity firm
February 15, 2017,
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.
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.
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