Kahn departing as Croscill acquired by equity firm Patriarch
GDA Staff -- Gifts & Dec, November 10, 2008
New York -- Croscill Acquisition LLC, a new limited liability company owned by the managed investment funds of Patriarch Partners, LLC, has acquired “substantially all of the operating assets of Croscill, Inc. and affiliates,” Patriarch announced today.
“We are excited for the opportunity to add the Croscill brand to the Patriarch funds’ portfolio of great and historic brand names,” said Patriarch ceo Lynn Tilton. “The Kahn Family has built the marquee name in home fashion over the last five decades; we are honored to take the baton and to continue the legacy,” Tilton continued. “The entire consumer sector has been weakened by the recent economic crisis, but we maintain that strong brands will weather the storm and thrive.”
“We wish Patriarch the best in writing the next chapter of the Croscill story,” departing ceo Doug Kahn said. “Their understanding of turbulent markets should help them position the company for long-term success. Croscill employees, customers and suppliers will find new ownership that shares our commitment to continuing a rich legacy of innovation and product excellence.”
Founded by ceo Lynn Tilton in 2000, Patriarch is a global investment firm that concentrates on direct investments in operating companies, managing funds with over $6 billion of equity and secured loan assets in 65 companies, and controlling interests in approximately two-thirds of these.
“We look forward to working with the Patriarch team,” said Carl Legreca, president, Croscill. “They appreciate and plan to build upon our long track record of design leadership.”
Patriarch said it will operate Croscill’s core operations, “building upon the strength of the core brand, expanding its distribution internationally and coordinating with other consumer platform companies” in the Patriarch portfolio “to create operating efficiencies and to capitalize upon synergies.”
Other Patriarch platform companies in home fashion are Glenoit Universal Limited, Fetco Home Décor, Bomar Industries International and Acme International Enterprises.
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