(Milford)– A major announcement for a major area employer.
Bill Wittenberg, CEO and President, along with Dave Bryan, CFO, and a team of senior managers announced today (Wednesday) a management buyout of Klaussner Home Furnishings from owner Hans J. Klaussner.
Klaussner and his father purchased Stuart Furniture in 1979. The company was later re-named Klaussner and has grown to become one of America’s largest furniture manufacturers. Klaussner purchased Stylecraft in 1986. It has manufacturing and warehouse facilities in North Carolina and Iowa, including Milford locally, along with an import infrastructure in Asia.
In a news release, Wittenberg says he’s excited about the opportunity the buyout will create for Klaussner’s management team, adding Klaussner is “committed to being the home furnishing industry’s leading solutions provider”.
While terms of the buyout weren’t disclosed, Wittenberg stated “the deal involved no offshore investors or any private equity investments from firms that have little or no understanding of the furniture business”.
Kevin Fitzpatrick, Chief Operating Officer of Klaussner Home Furnishings in Milford, says the announcement is great news for the local operation, saying those who were involved in the buyout are “the same people who have been committed to the company’s operations in Milford.”
Fitzpatrick also expressed gratitude to Hans Klaussner for “all he has done for the Milford operations through the years.”
