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Private Equity Firm Acquires Art Van Stores, Rebrands As Loves Furniture

US Assets, Inc. and Loves Furniture, Inc. announced the acquisition of 27 stores across Michigan, Pennsylvania, Ohio, Illinois, Virginia and Maryland.

RugNews.com Editors

ROYAL OAK, Mich. -- US Assets, Inc. and Loves Furniture, Inc. announced the acquisition of 27 stores across Michigan, Pennsylvania, Ohio, Illinois, Virginia and Maryland. The stores formerly operated under the Art Van Furniture, Levin Furniture, and Wolf Furniture brands. All locations will be re-branded and added to Loves Furniture's growing portfolio.

"Today's acquisition of these locations across the Midwest and Mid-Atlantic regions, represents a tremendous milestone for our company, our associates, and for the communities that we serve," said Matthew Damiani, CEO of Texas-based Loves Furniture. "We are thrilled to announce an exciting new retail option for customers in these markets who have been looking for a more modern shopping experience."

Founded earlier in 2020 by entrepreneur and investor, Jeff Love, Loves Furniture seeks to differentiate itself through a more personalized shopping experience that puts the customer first.

"Our mission is to provide stylish products, authentic guidance, and an easy experience for our customers as we build comfortable spaces together," said Love. "We look forward to bringing a brand-new furniture and mattress offering to market very soon. Our excitement to open these 27 locations is only the beginning as we are already looking at opportunities to grow and expand our new brand with a much larger footprint."

Loves Furniture will be headquartered in the metro Detroit area and expects to add over 1,000+ new employees across the region. In many cases, this presents an opportunity to rehire workers who recently lost their jobs due to store closings. At a challenging time when many companies are looking to contract, the Loves team sees this as an opportunity to grow.

"We understand the difficulties facing our communities in the face of the coronavirus pandemic," said Damiani. "Our leadership team lives in the same cities and towns we serve. For us, it is a point of pride and hope that we have this opportunity to help put many of our talented neighbors back to work. We want to get up and running quickly."

To expedite the local hiring efforts, the company said it plans to conduct a 'soft launch' of stores in the coming weeks and is actively exploring options to provide customers with discounted services and special product buys leading up to the official grand opening.

"Our vision is to create a world where all homes are filled with happiness, hope and love," said Damiani. "That starts here with this initial investment, which we plan to grow in the years to come."

About Loves Furniture

Loves Furniture, Inc. was founded in 2020 by Jeff Love, President. The company is headquartered in Royal Oak, Michigan. Loves Furniture is owned by US Assets, Inc. of Dallas, TX. Visit lovesfurniture.com for more information.

About US Assets

U.S. Assets Inc. was formed in 2014 to invest in and assist existing and new companies grow. Whether through fresh capital, increased liquidity or monetization of existing assets, U.S. Assets seeks investments with owners and management of value-added companies. The company typically invests in the lower and middle markets with companies generating between $5M and $50M EBITDA.

The company considers a wide range of businesses for investment with a preference for "old world" industries with reliable cash flows. This includes retail, light manufacturing, health care services, veterinarian services and restaurants. Other industries being sought include commercial insurance, wholesale food production and logistics.



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