Investors buy Schnadig
Management remains in place
By Gary Evans -- Furniture Today, January 20, 2008
Des Plaines, Ill. — Upholstery and case goods importer Schnadig Corp. has announced that an investor group headed by Robert W. Smiley Jr. has purchased all of the company's outstanding stock.
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.
Lawrence K. Schnadig founded the company by combining S. Karpen & Bros. and International Furniture. The company added tables to its upholstery line in the 1980s, and later began importing case goods. Success with its first upholstery imports led the company to shift all its upholstery production to Asia a year ago.
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.
Terms of the deal were not disclosed.
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 owners said they were happy to sell to 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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