Major Acquisitions in Home Furnishings
Home Accents Today Staff -- Gifts and Dec, 9/21/2010 9:54:38 AM
Palecek to acquire PierceMartin
San Francisco-based home furnishings vendor Palecek entered into a definitive agreement to acquire PierceMartin, a designer resource for classic woven furniture and accessories. With the acquisition, Palecek will launch a new corporate division and product line exclusively serving the design trade community.
President Allan Palecek said the acquisition will deepen the company's focus as a product resource for designers. "The extensive product development, manufacturing, and customization offered at Palecek will maximize capabilities tailored specifically to the design trade."
While PierceMartin's operations were based on the East Coast, Palecek will integrate the PierceMartin division into their domestic headquarters in Northern California.
Many of PierceMartin's frames will be seen in the national network of Palecek designer trade showrooms, along with additional product developed by Palecek and offered exclusively to the trade. Details related to showroom locations, and the product launch for "PierceMartin by Palecek," slated for the first quarter of 2011, will be announced over the next few weeks.
Elk Lighting acquires Sterling Industries
Nesquehoning, PA-based Elk Lighting purchased home furnishings vendor Sterling Industries, according to a joint statement released by Elk Lighting CEO Bradford Smith and Sterling Industries CEO and founder John Scott.
"The combination of these two home furnishing industry leaders will deliver the most expansive product offering in North America," Smith said. "This comprehensive strategy positions the company for dynamic cross promotional opportunities and ultimate flexibility that is seldom achievable in the home furnishings arena."
Scott, through a consulting arrangement with Elk, will be offering John Scott Designs as a key component of Sterling's future product offerings. Further terms of the acquisition were not disclosed.
This is Elk Lighting's second acquisition in recent months. In June, Elk acquired Baldinger Lighting, a 117-year-old company in the commercial and hospitality industries.
Still another home accents acquisition was announced this week: Wall decor producer Paragon reached an agreement to acquire wall art, lamp and accessory manufacturer Kinder-Harris.
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