Midwest furniture chain expands footprint with two family businesses
Art Van Furniture has boosted its store count by acquiring two longstanding, family-operated furniture companies.
The retailer announced it has purchased 95-year-old, Pittsburgh-based Levin Furniture, which operates 35 stores across Pennsylvania and Ohio. It also has purchased Altoona, Pa.-based Wolf Furniture, which was founded in 1902 and counts18 locations in Pennsylvania, Maryland, and Virginia.
With the two acquisitions, Art Van becomes a top ten national furniture retailer based on sales, with 176 stores and $1.3 billion in expected annual sales.
"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 Furniture. "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.
Levin and Wolf Furniture will both maintain their names and all current management teams plus staff will remain in place. The terms of the transactions were not disclosed.
"This exciting new chapter for Levin Furniture comes as we near the 100th anniversary of my grandparents' very first store," said 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."
"The timing was right, and the opportunity presented itself," said Charles Wolf, CEO and fourth-generation family member, Wolf Furniture. "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."
In March 2017, Art Van completed an equity recapitalization in partnership with Thomas H. Lee Partners, which is the majority shareholder of Art Van. The company now has 176 stores in nine states operating under the following banners: Art Van Furniture, Art Van PureSleep, Art Van Flooring, Scott Shuptrine Interiors, Levin Furniture , Wolf Furniture and Gardiner Wolf Furniture.
The retailer announced it has purchased 95-year-old, Pittsburgh-based Levin Furniture, which operates 35 stores across Pennsylvania and Ohio. It also has purchased Altoona, Pa.-based Wolf Furniture, which was founded in 1902 and counts18 locations in Pennsylvania, Maryland, and Virginia.
With the two acquisitions, Art Van becomes a top ten national furniture retailer based on sales, with 176 stores and $1.3 billion in expected annual sales.
"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 Furniture. "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.
Levin and Wolf Furniture will both maintain their names and all current management teams plus staff will remain in place. The terms of the transactions were not disclosed.
"This exciting new chapter for Levin Furniture comes as we near the 100th anniversary of my grandparents' very first store," said 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."
"The timing was right, and the opportunity presented itself," said Charles Wolf, CEO and fourth-generation family member, Wolf Furniture. "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."
In March 2017, Art Van completed an equity recapitalization in partnership with Thomas H. Lee Partners, which is the majority shareholder of Art Van. The company now has 176 stores in nine states operating under the following banners: Art Van Furniture, Art Van PureSleep, Art Van Flooring, Scott Shuptrine Interiors, Levin Furniture , Wolf Furniture and Gardiner Wolf Furniture.