Berkshire Blanket Sold to Sumec Group
Posted on September 14, 2016 by
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.
Sumec Textile Light Industry Co. is a subsidiary of The Sumec Group, based in China. According to its website, Sumec Textile specializes in the design, research and development and manufacturing of home textiles and other products. It has seven wholly-owned manufacturing plants, two overseas companies and three invest-holding companies, with more than 4,000 employees.
“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.