DOWNERS GROVE – Art Van Furniture announced an agreement has been reached to sell the company to Thomas H. Lee Partners (THL), one of the world’s oldest private equity firms.

The location at 1021 Butterfield Road in Downers Grove, will now be owned by THL in February when the sale will close.

Art Van Elslander, the chairman and founder of Art Van Furniture, opened his first store in 1959 on Gratiot Avenue in Detroit, Michigan. Today, Art Van Furniture has over 100 stores in five states and more than 3,500 employees.

“The heartbeat of any organization is its people,” Van Elslander said in a release.“I am proud of Art Van Furniture’s history and what we have accomplished. The time for an ownership transition is right and the opportunity presented itself. There is still much I want to do, and I feel confident knowing the company and its people will be in the very best of hands for continued growth and success.”

THL, which was founded in 1974, has a history of investing in growth-oriented businesses like Art Van Furniture, including companies such as 1-800Contacts, Bargain Hunt Superstores, Dunkin’ Brands, Fogo de Chao and PartyCity.

Existing company leadership led by CEO Kim Yost will work closely with THL to continue to enhance organizational growth and the brand’s plans for the future. Gary Van Elslander will remain as president of Art Van Furniture, and David Van Elslander as president of Art Van PureSleep.

“After thoughtful consideration and strategic evaluation, we determined that Thomas H. Lee Partners is absolutely the right ownership partner for ArtVan,” Yost said in a release. “We are collectively committed to building on Mr. Van’s tremendous legacy as we enter this new chapter of the Art Van Furniture story.”

THL is excited to partner with Art Van Furniture.

“Over nearly six decades, the company has continuously realized Mr. Van’s vision and set the standard for excellence in furniture retail in the Midwest,” Jeff Swenson, Managing Director at THL, said in a release. “We look forward to working with the entire team at Art Van as we continue to aggressively grow this outstanding brand.”