SPARKS, NV - Contract furniture maker Via Seating Inc. has acquired a new partner. Excelsior Capital Partners LLC said it has assumed a majority ownership interest in office chairs and lounge seating firm through a balance sheet restructuring.
“In the last year and a half, we have made significant strides improving our business model, launching new products, adding key team members, strengthening our channel and distribution network, and improving growth,” said Chas Hepler, CEO of Via Seating. “With the support of a new, strong financial owner, I am confident that we will further strengthen our position and be better able to pursue an even more aggressive implementation of our plan.”
Founded in 1987 and located in the Reno, Nevada, area, Via produces executive chairs, task chairs, conference room chairs, stackable chairs, and modular lounge seating that can be configured into a variety of chair or sofa formations. The company has won numerous awards for its products, most recently the 2014 Nightingale Award and a People's Choice Award for its 3Dee motion seating.
“CEO Chas Hepler has done an impressive job expanding Via’s product offering and we look forward to supporting the team to achieve their growth plan,” said Ravi Bhagavatula, managing partner of Excelsior Capital Partners. “We are confident that we have a winning combination with the strength of the Via brand and the passion for quality and innovative design exhibited by Chas and his team.”
Based in Newport Beach, CA, Excelsior Capital Partners invests in debt, special situations and specialty lending opportunities in commercial real estate and operating companies. Between August 2011 and December 2014, the company said it had completed more than 50 investments valued at over $450 million.
In October Excelsior closed on a $20 million investment to California TrussFrame LLC. Based in Riverside, CA, CTF manufactures roof trusses, floor trusses and wall components for commercial, residential and multi-family construction.
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