BASSETT, Va. -- Bassett Furniture Industries Inc. has agreed to purchase certain assets of Crimson Casual Inc. for $2.25 million in cash and stock. Bassett's acquisition of the outdoor furniture company is expected to be finalized in early November.
Details of the transaction, announced Oct. 17, were not disclosed. A statement from Bassett said the addition of Crimson Casual will help the company in its plans to further penetrate the outdoor furniture market.
Located in Haleyville, Alabama, Crimson Casual manufactures luxury aluminum outdoor furniture in a variety of colored and textured frames.
“We are excited to add a U.S.-based metal fabricating and finishing facility to our growing portfolio of capabilities in the outdoor furniture space,” said Rob Spilman, Bassett’s chairman and CEO. “Crimson Casual produces high-quality product that will provide us with new opportunities to expand our outdoor presence and we welcome their associates to the Bassett team. Adding a domestically manufactured aluminum product with custom finishing options will be a wonderful complement to our existing woven wicker, teak, and fully upholstered assortments.
"Looking ahead, we plan to further penetrate the outdoor market on three fronts. Lane Venture, acquired in late 2017, has grown at a double-digit rate in 2019 as the Bassett speed to market model has reinvigorated the venerable 47-year-old Lane Venture brand. We have added over 200 new dealers this year as our standard for service has been embraced by new and established dealers alike," he said.
"A second initiative that is still in the planning stages will be our entry into the outdoor contract furniture channel under the name Bassett Outdoor Contract. We are gearing up to call on hospitality organizations and country clubs as we pursue this significant portion of the overall outdoor furniture industry. And, in February, our third approach will commence with the launch of the new Bassett Outdoor line that will be sold exclusively in the 100 Bassett Home Furnishings stores across the country. In development for over one year, this launch will make our stores a complete home resource and will leverage our investment in our existing North Carolina manufacturing facility with more volume and greater efficiencies.”
Founded in 1902 and headquartered in Bassett, Virginia, Bassett Furniture Industries Inc. (NASDAQ: BSET) manufactures and markets high-quality home furnishings. The company ranked #32 on the latest FDMC 300 list of the largest North American wood products producers.
Have something to say? Share your thoughts with us in the comments below.