Equity firms acquire stakes in Harlem Furniture
By Furniture Today Staff -- Furniture Today, February 8, 2005
LOMBARD, Ill. -- Three private equity firms have acquired stakes in Top 100 company Harlem Furniture, a 15-store chain based here. The terms weren’t disclosed.
Pouschine Cook Capital Management, Bear Growth Capital Partners and Mercantile Capital Partners teamed with Harlem CEO Bruce Berman to make the investment in the 93-year-old business.
Berman will continue as CEO and oversee day-to-day operations.
“We are excited about the opportunities this funding offers Harlem Furniture,” Berman said. “The additional capital will allow our company to grow both geographically as well as expand product offerings.”
Berman didn’t detail expansion plans, but said they likely would include additional units in the Chicago area and “potentially throughout the Midwest.”
Harlem Furniture, which takes it name from its flagship store on North Harlem Avenue in Chicago, had estimated sales of $150.7 million in 2003, placing it 44th on Furniture/Today’s list of Top 100 furniture stores.
All three private equity firms specialize in middle market companies. Principals of New York-based Pouschine Cook have made investments in the Planet Hollywood restaurant chain and piano manufacturer Steinway Musical Properties.
Bear Growth Capital Partners, an arm of the investment firm Bear Stearns, focuses on companies valued at $10 million to $100 million.
Mercantile Capital Partners focuses on consumer segments such as retail, restaurants, apparel and business services.
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Harlem set for growth
Feb 27, 2004
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