Boca Raton, FL – South Florida Business Journal reported that an affiliate of Sun Capital Partners has bought a controlling interest in upholstered furniture maker Berkline/BenchCraft Holdings LLC. The Berkline product line specializes in motion furniture, such as reclining sofas, love seats and sectionals, recliners and home theater seating; while BenchCraft products are mostly stationary fabric and leather furniture.
Sun Capital said buying 70% of the company is part of a recapitalization that also will provide an exchange of about $40 million of outstanding debt for new equity securities, as well as new financing for Berkline.
“We are very pleased to be partnering with Sun Capital and believe that the combination of Sun Capital’s financial resources and extensive operating experience in the furniture industry will support our efforts to refocus on our core competencies and to fund Berkline’s ongoing product innovation and expansion,” said C. William Wittenberg, Berkline/BenchCraft Holdings president and CEO.
Berkline/BenchCraft employs about 3,200 people at manufacturing facilities in TN and MS. It also maintains facilities in Canada and China.
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