High Point, NC - Klaussner Home Furnishings Chief Executive Officer Bill Wittenberg and the senior management team announced they have acquired the company from former owner Hans Klaussner. Wells Fargo Capital Finance, part of Wells Fargo & Company, provided the acquisition financing.
As the Spring Furniture Market gets underway in High Point on April 2, upholstery manufacturer and case goods importer Klaussner also recently opened its 90,000 square foot showroom in High Point after relocating from Asheboro, NC.
"With more than 125 years of combined experience, I look forward to where the senior management team can take this company," said Bill Wittenberg. "It's no secret that the last couple of years have been tough for the furniture industry, but with the financing support we have received from Wells Fargo Capital Finance, the leadership of this management team, and our new showroom in High Point, the road ahead looks bright for Klaussner."
"This financing is the beginning of a new era for Klaussner," said Rob Griffin, managing director at Wells Fargo Capital Finance. "We continue to have confidence in the industry and are very supportive of the strong experienced executive management team of Klaussner. I have enjoyed working with Bill and the senior management team to support their goals and look forward to working to continuing that relationship as we go forward."
Since 1963, Klaussner Home Furnishings has grown to become one of the largest furniture manufacturers in America. With over 1,500 employees with manufacturing and warehouse facilities located in North Carolina and Iowa along with an import infrastructure in Asia, the company is dedicated to providing retailers with a single source for quality furniture products that fit a range of styles, product categories and price points.
Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior secured financing, accounts receivable financing and purchase order financing to companies across the United States and Canada. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting, timeshare development and others.
SOURCE: Wells Fargo Capital Finance
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