New Ownership Group to Acquire Carls Patio

BOCA RATON, Fla.--(BUSINESS WIRE)--Carls Patio announced today that an ownership group has signed a purchase agreement to acquire the assets of the company from the current owners and to expand its store operations in Florida and online. The group is led by Paul Otowchits, who will be appointed the President of the new company, with investment support from the Weinberg Capital Group of Cleveland.

The acquirer, which will continue the name “Carls Patio,” will operate nine stores on the East and West Coasts of Florida as well as offering outdoor furniture and accessories via the company’s website, www.patiofurniture.com. The new business will continue in its present form, maintain all employees, and will honor all current sales and deposits made against those sales. Carls Patio will continue to carry its current brands in addition to new brands that are planned.

Otowchits, who has been with the former company for 19 years and is a veteran of the outdoor and casual furnishings industry, will be stepping up as the President of the new entity and one of its owners. Otowchits said, “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. We are launching the company under new auspices, investing additional capital and all of our management and associates are excited about the prospects.”

The new group has signed a definitive purchase agreement for the transaction, and the new company will add additional equity financing to support the transaction, the planned new store growth and store upgrades. The new company intends to continue with nine stores in Florida and add additional stores in the state over the next five years. Further the company will enhance and expand its web site to make its offerings available throughout the world.

About

Carls Patio serves the upscale homeowner in Florida, in addition to commercial establishments, clubs, condominiums and the designer trade. The company features well- known brands of outdoor furnishings and accessories as well as an exclusive private collection known as Fifth and Shore. The company’s web site is patiofurniture.com.