Good guys finished first in Klaussner purchase
Jerry Epperson -- Furniture Today, May 2, 2011
Jerry Epperson
Sometimes the good guys do win!
One of the many stories at the April High Point Market was the management purchase of Klaussner Furniture.
I first met Hans Klaussner in the spring of 1979. His furniture company, Hukla-Werke, was one of the largest in Europe and Hans wanted to be one of the largest upholstery manufacturers in the U.S. He was seriously considering acquiring a large, public, unionized upholstery manufacturer. I would prefer not to mention Kroehler by name.
A mutual friend introduced us, and I encouraged Hans to look at Stuart Furniture in Asheboro, N.C. Stuart Love was an upholsterer who had started a very successful company offering next week delivery on a short fabric/ frame lineup. It had grown to nearly $50 million in sales, and Stuart had a very talented young management team.
Stuart Furniture was getting a lot of attention. Hans quickly agreed to look at the company and was impressed by it, especially when he got to know the management. He acquired Stuart in August 1979.
Hans grew his businesses globally and allowed his U.S. management to grow the renamed Klaussner Furniture into a powerhouse. One key was the quality of management. Hans and J. B. Davis continued to draw top people - and I would be challenged to remember anyone leaving the team in the past 20 years. Its customer list was a Who's Who of leading U.S. furniture retailers.
It acquired several additional businesses in upholstery and office furniture, the plastics sector, and even a golf course. It also added a wood import program and a store chain.
In the past decade, Hans has divested his companies in Japan, Malaysia and Europe, and Klaussner divested Paoli office furniture and its plastics business, and exited captive retail stores.
Hans and the new ownership came to an agreement announced in early April. Using asset-based bank lending, management now owns Klaussner Furniture. This preserves the current executive team, the headquarters in Asheboro, the existing factories, and the community involvement in the Asheboro area that Klaussner is known for.
I applaud Hans and J.B. for their work to make this happen, and wish the management great success in this exciting new opportunity.
This is good for Klaussner Furniture and for our industry. This is the way business can be when all parties work together, don't get greedy, and understand how the furniture industry really works.
-
Zsemba acquires Distinctive Designs IP rights
Sep 2, 2011 -
Management acquires Klaussner
May 2, 2011 -
Klaussner taps 3, adds Smith
Apr 28, 2011 -
Upholstered furniture pioneer Stuart Love dies at 81
Apr 19, 2011
Merinos Home Furnishings opening display room, Boyles addition
HOM Furniture adds flooring to six Twin Cities stores
‘Mega vessels' likely to boost capacity, stabilize freight rates
Ernest Warsaw, founder of Sheffield Corp., dies at 91
21 companies from Turkey, Taiwan and China to exhibit at Showtime
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
VIEW ALL GALLERIES
