Art Van Furniture sold to private equity firm

WARREN (AP) - Art Van Furniture has announced it's being sold to Boston-based private equity firm Thomas H. Lee Partners.

The Warren-based retailer said Wednesday the tentative deal is expected to close in February. Terms weren't disclosed.

The company founded by 86-year-old Art Van Elslander began in 1959 with a single store and has grown into one of the country's largest independent furniture retailers, with more than 100 stores in five states, a franchising program and more than 3,500 employees.

It says the company's current executive team will stay on after the sale, including Art Van CEO Kim Yost, president Gary Van Elslander and David Van Elslander, the president of Art Van PureSleep.

Executives say the equity firm also will continue Art Van's sponsorship of Detroit's Thanksgiving Day parade and its charitable giving.

Published: Fri, Jan 27, 2017