Share this on

Berkline, BenchCraft deal done

By Larry Thomas -- Furniture Today, April 7, 2002

MORRISTOWN, Tenn. — LifeStyle Furnishings International, once the nation's biggest furniture maker, has completed the sale of upholstery producers Berkline and BenchCraft to a trio of senior Berkline executives.

The executives teamed with the Chicago-based investment firm of Code Hennessey & Simmons to complete the buyout for an undisclosed price.

Berkline/BenchCraft Holdings LLC, as the new company is known, will have annual revenues of more than $450 million.

"This is an exciting milestone for our companies," said Bill Wittenberg, Berkline president and chief executive officer and also president of the new holding company. "This incredible opportunity as an entrepreneurial company will allow the Berkline and BenchCraft teams to take full advantage of their experience and abilities."

Wittenberg and fellow Berkline executives Dal Eckard and Larry Musick headed the buyout. Eckard is executive vice president of sales and marketing for the holding company and Musick is chief financial officer and executive vice president of operations.

Wittenberg said the Berkline and BenchCraft brands will be marketed separately, and said management of the two companies would remain in place. BenchCraft President Greg Henderson will report to Wittenberg.

"We see excellent synergies between Berkline and BenchCraft, and we're excited about leveraging the scope of their product portfolios," Eckard said. "In addition, both companies will benefit from our unique business model centered around service and selection."

Musick said the companies already are off to a fast start in 2002.

"Things started to pick up in November, and the momentum has continued through the first quarter," said Musick.

Berkline gets the bulk of its revenues from motion upholstery and reclining chairs, while BenchCraft is best known for its stationary upholstery and leather products.

Berkline was founded in 1937 and was acquired by Masco's home furnishings division in 1994. The company, based in Morristown, Tenn., became a unit of LifeStyle two years later when Masco exited the home furnishings business and LifeStyle was formed.

BenchCraft, based in Blue Mountain, Miss., was acquired by case goods producer Universal Furniture in 1987. Masco subsequently acquired Universal in 1989.

LifeStyle sold Universal to Lacquer Craft last summer. In December, it sold Drexel Heritage, Henredon and Maitland-Smith to Furniture Brands International. The company also has an agreement to sell Lexington Home Brands to a group of senior managers.

Share this on

'Two Bs' retool for growth

Jul 13, 2003

Berkline/BenchCraft roles expand

Jun 30, 2002

Berkline, BenchCraft revamp business model

Oct 13, 2002

Canadian factories brace for increased import heat

Jun 1, 2003

BenchCraft restructures management

May 5, 2002

Also by this author

Also by Larry Thomas

Featured Company

FurnitureCore.com

FurnitureCore.com is a dynamic web application aimed at the furniture industry. Retailers and manufacturers alike will find our deep reserve of tools to be exactly what their furniture business needs.www.furniturecore.com... more