Carls Patio said Tuesday the chain is being sold to new owners who plan to maintain existing stores and expand operations.
The new ownership group is led by Paul Otowchits, who has been an exective with the former company for 19 years. Otowchits will become president and one of the owners of the Boca Raton-based chian, along with an investment from the Weinberg Capital Group of Cleveland. The deal includes the stores and existing assets of the company.
Carls Patio will continue to operate under the same name and maintain its nine stores located on the east and west coasts of Florida. All existing sales and deposits will be honored. No layoffs of employees are anticipated. The company will maintain its existing website www.patiofurniture.com
Terms of the sale were not disclosed or an anticipated closing date.
“There is a vibrant trend toward the outdoor lifestyle, and I am excited that we are able to help homeowners and other establishments be a part of it all,” Otowchits said. “We are launching the company under new auspices, investing additional capital and all of our management and associates are excited about the prospects.”
Carls Patio originally began a decade ago as a division of Carls Furniture. But the two companies have been operating independently in recent years.
The new owners expand to bring in additional equity financing to fund the opening of new stores over the next five years and upgrades to existing stores. Plans also call for expanding the website to allow for worldwide e-commerce.