Berkshire Blanket Sold to Sumec Group
September 14, 2016,
NEW YORK—Sumec Textile Light Industry Co. has acquired Berkshire Blanket—a designer, importer and marketer of blankets, throws and soft home goods—from CSW Private Equity for an undisclosed sum.
Berkshire Blanket, based in Ware, Mass., sells its products under its brand name, and produces private label and licensed goods for a number of retailers across the distribution spectrum, according to the investment banking firm TM Capital, which advised the sale.
CSW acquired a majority interest in Berkshire in 2006. Under its ownership, Berkshire more than doubled its revenue while transforming its product mix into more than blankets. The business, which previously derived 91 percent of its revenues from blankets, now generates nearly 50 percent of its revenue from non-blanket offerings, TM Capital said. It also strengthened its design and sourcing resources and invested in business management software programs.
“Berkshire has been established and built into an authentic brand with an enviable market position and attractive opportunities to expand into adjacent home good categories,” said Michael Smart, CSW partner and chairman and CEO of Berkshire Holdings.
Other Articles By Author
HFN Launches Interactive Idea Book
HFN's DIGITAL EDITION
COVER STORY: HFN Turns 90
We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.
ALSO IN THIS ISSUE:
- Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
- Omnichannel Retailing - In the Mobile App World, Time is Money