Weinberg Capital Group Announces The Sale Of Portfolio Company Carls Patio
SPECIALTY RETAILER OF HIGH-END OUTDOOR FURNITURE ACQUIRED BY AN AFFILIATE OF ROOMS TO GO
CLEVELAND, Jan. 31, 2018 /PRNewswire/ -- Cleveland, Ohio-based family office Weinberg Capital Group ("WCG") announced today the sale of its portfolio company Carls Patio ("Carls" or the "Company") to an affiliate of Seffner, Florida-based indoor furniture retailer Rooms To Go ("RTG"). Terms of the transaction were not disclosed. Carls was acquired by WCG in March 2013.
Founded in 1992 and headquartered in Royal Palm Beach, Florida, Carls is a leading retailer of luxury outdoor furniture and accessories serving the south Florida market. The Company offers the industry's most comprehensive selection of high-end outdoor furniture from leading international vendors as well as its own proprietary line of furniture called Fifth & Shore and proprietary pillow line marketed under the Haberdashery brand name. The Company markets its collections through a mix of 11 specialty retail stores, one outlet center and nationally through its www.carlspatio.com and www.patiofurniture.com ecommerce platforms. By focusing on superior customer service and design support, exclusive collections, innovative marketing and merchandising and operational efficiency, Carls is the dominant player in its markets and one of the largest dedicated brick & mortar outdoor furniture retailer in the US.
Ronald E. Weinberg, Sr., Director & Principal of Weinberg Capital Group commented, "I would like to thank all of our valued employees at Carls for the hard work over the past five years. We've seen many successes as well as some challenges and we will fondly remember our time as owners. During our ownership, we developed our proprietary Fifth & Shore furniture brand; proprietary Haberdashery pillow brand; expanded to new locations in Delray, Palm Beach, Tampa and Pembroke Pines; and converted much of our advertising from traditional print and television to digital. I am confident that with its broad geographic reach, significant advertising platform and purchasing power, RTG is poised to enter the outdoor furniture market in a significant way."
Paul Otowchits, former President of Carls has accepted a senior leadership position with RTG, where he will continue to focus on the outdoor furniture segment. All other employees of Carls have also been offered employment by RTG following the close of the acquisition.
Cleveland, Ohio-based Kohrman Jackson & Krantz LLP served as legal counsel to WCG. HW&Co. provided financial, tax and accounting support.
About Weinberg Capital Group
Weinberg Capital Group is a Cleveland, Ohio based private equity group whose principals consist of Ronald E. Weinberg, Ronald E. (Chip) Weinberg, Jr., and John E. Herman. The firm invests in well-positioned middle market companies. Weinberg Capital Group focuses on firms where the current ownership and management reinvest in the transaction, and management remains in place, affording current shareholders and management an opportunity to achieve liquidity coupled with ownership continuity. The firm invests in companies throughout North America with annual revenue from $15 to $100 million and EBITDA ranging from $2 to $10 million. The firm's current portfolio covers a broad range of industries including manufacturing, business services, aviation services, financial services, consumer products, retail and value-added distribution. Additional information on Weinberg Capital Group can be found at www.weinbergcap.com.
SOURCE Weinberg Capital Group
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