WEST LAFAYETTE, IN - Furniture maker and importer Chromcraft Revington Inc. has agreed to be acquired by Sport-Haley Holdings Inc., an apparel firm. The deal, announced Oct. 1, is expected to be finalized during the fourth quarter of 2013.
“The continuing economic downturn in the furniture industry has taken a toll on many manufacturers. We see this merger as a positive step forward for all Chromcraft stakeholders,” Ronald Butler, Chromcraft Revington chairman and CEO, said in a statement. The company voluntarily delisted from the New York Stock Exchange earlier this year and moved to the OTC Pink Marketplace (CRCV).
Chromcraft Revington posted 2012 sales of $56.6 million. According to a statement, Sport-Haley will acquire outstanding shares of Chromcraft's common stock for $3.45 million. Part of the money will be derived from the "closing or the sale or satisfactory mortgage" of Chromcraft's facility in Delphi, IN. The company also has manufacturing facilities in Mississippi and California.
Incorporated in 1992, Chromcraft Revington designs, manufactures and imports residential and commercial furniture, primarily sold in the U.S. market. Residential furniture brands include: Chromcraft, Cochrane, Peters-Revington and CR Kids & Beyond. The contract furniture is marketed under the Chromcraft and Executive Office Concepts brands.
“This transaction represents an exciting new chapter for both Sport-Haley Holdings and Chromcraft Revington,” Samuel Kidston, chairman and CEO of Sport-Haley Holdings said in a statement. “Existing Chromcraft shareholders receive immediate value for their holdings. While the combination of the two companies will bring increased access to capital, strong operating discipline and an unwavering focus on delivering value to our employees, customers, vendor partners and the shareholders of Sport-Haley Holdings.”
Organized in 2011, Sport-Haley Holdings owns Sport-Haley Inc., a golf apparel company marketing women’s apparel and outerwear under the SPORT HALEY, Bette & Court, and Swing labels.