WEST BERLIN, NJ --Closet & Storage Concepts has acquired More Space Place, the Clearwater, FL manufacturer and retailer of Murphy Beds, custom closets, garage organizers and home and office space organization systems.
The combined firms have revenues of $40 million, with more than 400 employees and 39 locations nationwide, according to Closet & Storage Concepts CEO Bob Lewis.
More Space Place operates 28 franchise store locations in 10 states, including Colorado, Florida, Georgia, Maryland, New Hampshire, North Carolina, South Carolina, Tennessee, Texas, and Virginia. Murphy bed sales comprise approximately 75% of its business, making it the nation’s top retailer for wall beds.
More Space Place was officially founded in 1987, as Murphy Bed Centers of America in Jacksonville, FL. With seven locations and a growing closets and furniture product line, the company officially changed its name to More Space Place in 1995, moving to Largo, Fl in 1996.
In 1998, More Space Place opened its own manufacturing in a new 26,500 square foot manufacturing and distribution facility in Largo, FL, then moved to larger quarters in Clearwater, FL in 2005.
With the acquisition, Closet & Storage Concepts becomes one of the largest companies in the home organization, closets, and “space-saving” furnishings and improvement industry.
“This is a terrific opportunity for us to grow our business,” said President and CEO Bob Lewis in announcing the deal. “The More Space Place retail stores expand our markets and give us the decisive edge for Murphy beds.”
The two companies' product lines are complementary, says Lewis. Wall beds make up nearly 20% of Closet & Storage Concepts’ business. Closet & Storage Concepts also designs, manufactures, and installs a variety of custom closet and home storage products for garages and other rooms.
Headquartered in West Berlin, NJ, Closet & Storage Concepts designs, manufactures, custom closet, garage, laundry room, pantry, home office, wall bed, and other home storage products.
Founded in 1987 by President and CEO Bob Lewis, in 2000, Closet & Storage Concepts began offering franchise and dealer business opportunities in the United States and Canada. The privately held company has 11 locations, three company-owned and eight franchise-owned, in nine states.
In the last 10 years, the business of creating or optimizing space has grown substantially and is predicted to continue its upward trend. U.S. demand for home organization products will increase 3.6 percent annually to $8.6 billion in 2015, according to industry forecasts.
“Our current plan is for the two companies to operate as separate brands,” noted Lewis. “This acquisition gives us the ability to offer two different business models to prospective franchise owners who want to be part of the rapidly growing home furnishings and improvement industry.”
Have something to say? Share your thoughts with us in the comments below.