Art Van Furniture is being sold to the private equity firm Thomas H. Lee Partners, the company announced today.
Terms of the deal have not been released. The deal is expected to close in February with Art Van's management team staying in place.
Art Van says the company has more than 100 stores in five states and more than 3,500 employees.
The chairman and founder of Art Van Furniture, Art Van Elslander, said in a news release that the time for ownership transition is right.
"There is still much I want to do, and I feel confident knowing the company and its people will be in the very best of hands for continued growth and success," he stated in part.
Thomas H. Lee has a history of investing in growth-oriented businesses and in consumer and retail brands such as 1-800 Contacts, Bargain Hunt Superstores, Dunkin' Brands, Fogo de Chao and Party City. It's based in Boston.
