Himatsingka Linens adds Calvin, Royal Sateen in DWI Holdings buy
Playthings Staff -- Gifts & Dec, October 23, 2007
This is the mill’s third acquisition this year. It purchased Giuseppe Bellora SpA in February, followed by Divatex Home Fashions Inc. in July. The 21-year-old mill has long specialized in silk and silk blend fabrics, with a concentration in the bridal industry.
“The three acquired entities will collectively contribute $275 million in annual revenues,” said Shrikant Himatsingka, executive director. The acquisitions will also consume the entire capacity of the mill’s recently commissioned $100 million bedding facility.
Himatsingka put the DWI transaction value at $30 million, and reported DWI’s 2007 fiscal revenues were $47 million. DWI Holdings was founded by Michael Bernstein, Rudy Schmatz and Dennis Cochran in 2001, initially consisting of the adult bedding business from Crown Crafts. Bernstein will remain at DWI as ceo and a board member. Schmatz and Cochran will serve as president and cfo, respectively.
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