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Investor group acquires Schnadig

Will retain current management, board

Gary Evans -- Furniture Today, January 14, 2008

DES PLAINES, Ill. — Upholstery and case goods importer Schnadig Corp. said today that an investor group headed by Robert W. Smiley Jr. has purchased all of the company’s outstanding stock, effective Jan. 9.

A news release said the privately held company’s owners had sought diversification and liquidity after 55 years and three generations of ownership.

The new owner plans to retain the company’s management team and board with Don Belgrad serving as chairman and CEO; Gordon Anderson as vice president and chief financial officer; Jeff Katz as executive vice president of sales and merchandising; and Ravi Kumar as senior vice president of operations.

Smiley, chairman and managing director of The Benefit Capital Cos., a national group of merchant banking and financial advisory firms headquartered in southeastern Nevada, said he looks forward to participation in the eventual industry upturn. He called Schnadig a solid company that is growing its market share. 

A press release said that Smiley selected Schnadig because of its “impeccable reputation, seasoned management team, exceptional financial strength and visionary strategy.” The company’s cash reserves and debt-free position allow it the flexibility needed to compete in the global market, the release said.

The management and former shareholders said the company was happy to be owned by a group whose vision, integrity and management style are consistent with the Schnadig culture.

Schnadig is based here and has offices in High Point, Hong Kong and Hangzhou, China; distribution centers in Belmont, Miss., Corona, Calif., and Shenzhen, China; and showrooms in High Point and Las Vegas.

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