by Family’s ties to Flexsteel and its predecessor companies date back to 1893
DUBUQUE, Iowa — Full line furniture resource Flexsteel Industries, Inc. has entered into an agreement to repurchase approximately 1.28 million shares of its common stock representing about 24% of the company’s common stock from members of the Bertsch family, one of its founding families.
At a price of $47 per share, the aggregate purchase price is valued at about $60.2 million, which represents a 2.5% discount to the closing share price on April 24, 2026.
“This transaction aligns with our balanced capital allocation strategy and commitment to enhancing long-term shareholder value,” said Derek Schmidt, president and chief executive officer of Flexsteel. “We will continue to maintain a strong balance sheet and resilient operating model, and we believe Flexsteel is well positioned to execute our strategy, invest in organic growth initiatives and drive long-term shareholder value.”
“Flexsteel is grateful for the support of the Bertsch family over multiple generations, and we deeply appreciate their many contributions to our success,” Schmidt added.
The company said that the transaction will be funded through a combination of existing cash and borrowings under its revolving credit facility. It is scheduled to close on April 28, 2026.
Following the transaction, the company said it expects “to maintain a strong balance sheet and liquidity position.”
The company added that the transaction “was reviewed, negotiated and approved by a special committee of independent directors (the “Special Committee”), and subsequently approved by the full board of directors, excluding Brooks Bertsch.” It added that the Special Committee was advised by independent legal and financial advisors.
Brooks Bertsch will resign from Flexsteel’s board of directors upon the close of the transaction.
“As our family has grown and expanded over multiple generations, we have decided to diversify our holdings for financial planning purposes,” Bertsch said. “We are confident that Flexsteel is in a strong position and will continue to build on its success well into the future. It is an honor for our family to have grown as part of Flexsteel for over 130 years and the company will always hold a special place in our family’s heart.”
