The Charter Group Launches Furniture M&A Practice

GRAND RAPIDS, Mich., June 10, 2013 /PRNewswire/ -- Building on more than two decades of experience serving the office furniture and home interiors market, The Charter Group today announced the formation of a dedicated Furniture Practice led by Andrew Williams. The Grand Rapids, Mich.-based merger and acquisition advisory firm said the move reflects growing activity and demand for buy, sell and capital raise transactions in the office furniture, residential furniture and home furnishings markets. Charter made the announcement today in Chicago at Neocon, North America's largest furniture and commercial interiors exposition featuring more than 700 showrooms and exhibitors.

The Charter Group has been serving clients from the office and contract furniture industry since 1989, bringing deep M&A knowledge, industry understanding and relationships. Charter has closed furniture transactions spanning OEMs, component suppliers, and dealers ranging from small businesses to national manufacturers and leading brands. The Company has also rolled out a comprehensive succession planning advisory package specifically designed to meet the needs of the office furniture dealer community.

"We've gained a solid benchmark on the value drivers of businesses in the furniture sector, and we have the expertise and relationships to maximize the fit and financial outcomes for our clients," said Andrew Williams, CM&AA and vice president, business and transaction management for The Charter Group. "The combination of our track record and the continuing uptick in the industry warrants this expansion into a full practice area, and we hope to continue to offer additional niche service lines in the future."

The Charter Group said overall market conditions favor sellers, and the Company anticipates increasing M&A activity in the furniture sector in 2013 and 2014 based on pent up demand following the global economic downturn. As an example, The Charter Group was enlisted to review a $12.5 million buyout proposal of a regional distribution company who had been approached by a national competitor. Their valuation showed the company was worth significantly more, so The Charter Group pursued additional buyers, prompting five additional letters of intent and a final transaction value in excess of $18 million, 50 percent higher than the original offer.

The Charter Group also served as exclusive merger and acquisition advisor to library and educational contract furniture manufacturer, The Worden Company of Holland, Mich., initiating, negotiating and closing the successful sale of the company.

"As the leading M&A advisory firm in the global headquarters of office furniture, Grand Rapids, Michigan, we have a unique breadth of experience," said John Kerschen, managing director of The Charter Group. "We look forward to the potential for our Furniture Practice and for other specialty areas as the M&A market improves and we continue to grow our reputation nationally."   

About The Charter Group
The Charter Group is a merger and acquisition advisory firm focused on buy, sell and capital raise transactions in the $10 million to $100 million value range. Founded in 1989, Charter is recognized as one of the Midwest's premier M&A advisory firms, with offices in Michigan and Indiana. Charter's track record of success delivering value for clients includes 400+ successful transactions for businesses ranging from $1 million to $100 million+ in revenue. For more information on The Charter Group, please visit www.charter-group.com.

SOURCE The Charter Group