Investment firm gets stake in American Furniture
By Gary Evans -- Furniture Today, September 30, 2001
PONTOTOC, Miss. — Clearview Capital, a Connecticut-based investment firm, has acquired a stake in upholstery maker American Furniture Mfg. here.
The move will infuse capital into the two-year-old company, founded by Gerald Washington and his wife, Ruby. Washington will continue as president and chief executive officer, and he said his family will be the company's largest shareholder.
He did not disclose the size of Clearview's investment. In a news release, American said the deal would allow American "to remain highly focused on its commitment to meet the demands of the market for promotional product, quality, value and service."
Washington said work is already under way on an 180,000-square-foot warehouse, which is expected to be operating in about 90 days.
In the deal, Clearview becomes a shareholder in American.
Clearview, a private firm, says it invests in and develops midsized North American companies in partnership with strong management teams executing what they believe to be the right business strategies in their respective markets.
American reported sales of $70 million in the first nine months of this year and said it expected to reach $100 million for the year. The company said it expects continued growth as products are introduced at the October market, and as it positions itself to increase production and expand offerings.
American's manufacturing facilities cover more than 800,000 square feet.
The company announced earlier that it planned to expand product offerings to include the increasingly important $499 retail price point, and the fully reclining motion segment, enabling it to become a full-service upholstered furniture resource.
"I want to emphasize my intent to maintain competitive prices at the $299 and $399 price points, and service with our stocking program and investment in finished goods inventory," Washington said.
-
Upholstery Holds its Own in Tough Economy
Aug 16, 2011 -
Upholstery upbeat with new styles, textures
Nov 4, 2011 -
Leather resources step up price points
Oct 26, 2011
Specialty retailer LoveSac introduces new store design
Kincaid Furniture honors Jimmy and Rosalynn Carter for Habitat work
Omnia Furniture ends relationship with Kathy Ireland Worldwide
Belfort Furniture, Lawrance Furniture are NHFA Retailers of Year
Singapore furniture show expecting increased turnout
Featured Company
-
Brandwise Inc.
Brandwise serves a model - not just an industry - by integrating, automating, and optimizing the entire sales channel, from wholesale Suppliers to their Reps and the Retailers they service. In short, our software helps Reps and Suppliers sell more and create... more
VIEW ALL GALLERIES
