WARREN, MI (January 25, 2017) – Art Van Furniture announced today an agreement has been reached to sell the company to Thomas H. Lee Partners (THL), one of the world’s oldest and most experienced private equity firms. After 58 years as the Midwest’s #1 furniture and mattress retailer, Art Van Furniture is embracing the next chapter in the company’s impressive growth story and continued evolution.
Mr. Art Van Elslander, the chairman and founder of Art Van Furniture, as well as its sole shareholder prior to the sale, opened his first store in 1959 on Gratiot Avenue in Detroit, Michigan. Today, Art Van Furniture is one of the largest independent furniture retailers in the United States, with over 100 stores in five states, a successful franchising program and more than 3,500 employees.
“The heartbeat of any organization is its people,” said Mr. Van 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.”