GRAND RAPIDS, Mich. - Woodways, which produces custom kitchen cabinetry in Grand Rapids, Michigan - has been fully acquired by Zordan Group, the Valdagno, Italy-based manufacturer of store fixtures and interiors for high end brands, including Bulgari, Ferragamo, Karl Lagerfeld and Van Cleef & Arpels, as well as high end residential interiors.
The deal formally culminated in a multi-stage transaction carried out over several years, according to Italian media reports on May 9 from a statement issued by the Zordan Group. Woodways began operating as a unit of Zordan Group in 2017.
Woodways was acquired for $2,285,000, with an additional amount for corporate property, bringing the total to $3,235,000, according to the reports. Woodways also operates a manufacturing facility in Zeeland, Michigan. The acquisition began in 2015 and followed a three-stage process that, starting in 2015, saw the Zordan Group acquire ever higher company shares until it became the sole owner of Woodways.
"The objective of this operation is to offer direct, timely strategic support and targeted to all companies in the luxury mono-brand market that want to expand in the U.S. and in particular in North America, using our expertise," said Alfredo Zordan, director of Gruppo Zordan.
"In addition to being a production site, Woodways is in fact equipped with a highly qualified service and dedicated to projects for the USA, able to propose plans, maintenance programs and after sales. We were also has convinced in terms of Woodways orientation to sustainability, a value to which our company has been linked since the beginning, and towards which we have already begun to raise awareness of the work of Woodways. Producing on site [in the U.S.] will allow, given the geographical proximity, a reduced environmental impact. " Woodways, in addition to custom kitchens and high-end closets, also produces some commercial business interiors.
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