ELK Group International Acquires Stein World
Posted on August 4, 2016 by
TAMAQUA, Penn.—ELK Group International has bolstered its furniture offering with the acquisition of Memphis-based Stein World, one of the largest suppliers of accent and occasional furniture in North America.
“The appreciable scale created by this partnership, together with our existing brands, earns us the distinction of being one of the largest suppliers of home furnishings in the industry,” said Bradford Smith, CEO of ELK Group. “This means even greater product selection and money saving benefits for our customers, firmly moving us in the direction of our goal to become the most competitive line of products among our client base.”
With its “whole home solutions” credo, ELK called this acquisition as perhaps its most significant. The move expands the variety of furniture categories and price points within ELK’s already substantial catalog of premium lighting, furniture and decorative accessories.
The company has completed more than 15 home furnishing acquisitions in the past five years, with each acquired brand providing a specific strategic differentiator, according to the company, which now offers about 15,000 SKUs.
“The combined organizational strength of design sourcing and logistics will bring the best of everything to our customers,” said Dan Masters, president of Stein World. “ELK and Stein World together can leverage their purchasing power to provide an even greater value to the marketplace, creating a tremendous single source for retailers.”
ELK said it will retain Stein World’s talented personnel, value-oriented furniture pricing and quality-driven designs, and Memphis operations, expanding its distribution network. Stein World was founded in 1985.