DALLAS — Art Van Furniture finally may be getting a little Love.
U.S. Assets, the Dallas-based private equity firm behind the planned purchase of 27 Art Van, Levin and Wolf Furniture stores, is readying the opening of its own furniture chain, Loves Furniture.
While the company declined the comment and the transaction has yet to close, there are a few clues U.S. Assets and Loves Furniture want to build that retail furniture foundation on the former locations of Art Van, the Warren, Mich.-based Top 100 company that filed for Chapter 11 bankruptcy protection March 8 and later converted to a Chapter 7 liquidation.
U.S. Realty Acquisitions is a limited liability company owned by U.S. Assets that plans to pay $6.7 million, according to court documents, for the leases and unsold inventory at nearly a quarter of the Art Van, Levin and Wolf locations — 17 in Michigan, five in Pennsylvania, two in Illinois and one each in Ohio, Virginia and Maryland.
U.S. Assets was formed in 2014 “to invest in and assist existing and new companies grow,” the firm notes on its website. “Whether through fresh capital, increased liquidity or monetization of existing assets, U.S. Assets seeks investments with owners and management of value-added companies.”
Its preferred industries are commercial (insurance, wholesale food production and logistics) health care and retail and light manufacturing. The firm said it typically invests with companies generating between $1 million and $50 million in earnings before interest, taxes, depreciation and amortization.
Its CEO is Jeff Love, and his investment strategy “focuses on commercial real estate opportunities and operating businesses within the United States by creating a nationally recognizable brand.”
A recent post on U.S. Assets’ Facebook page features a furniture vignette with “Loves Furniture, Quality Furniture Stores … Coming Very Soon.” The categories listed: living room, bedroom, dining room, mattresses, office, baby and youth, décor, outdoor “and more.”
Kevin Williams, chief acquisitions officer for U.S. Assets, declined to comment when asked if the Loves Furniture noted would be built from the Art Van stores the company plans to acquire.
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May 08, 2020 at 06:32PM
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