CC Industries, Craftmade to acquire Woodard
December 21, 2007-- Casual Living,
CHICAGO, IL – Woodard LLC, an innovative leader in the outdoor furniture industry, and CC Industries, Inc. are pleased to announce that they have entered into an asset purchase agreement with Craftmade International, Inc to acquire substantially all of the assets of Woodard LLC.
The acquisition, which is subject to a number of customary closing conditions, is expected to close on or about January 2, 2008. As a part of that transaction, the Crown Family which has owned Woodard for over 20 years, will become a major shareholder of Craftmade. “We are both excited and encouraged by the combination of the company with Craftmade, particularly because of the manufacturing, sales and operational similarities across adjacent industries with comparable consumer bases,” states Dean Engelage, Woodard President.
Craftmade International, Inc., founded in 1985 and based in Coppell, Texas, is engaged in the design, distribution and marketing of a broad range of proprietary ceiling fans, lighting products, decorative light bulbs, door chimes, ventilation systems and related accessories. The company distributes its premium products through a network of 1,600 showrooms and electrical wholesalers through a national sales organization of more than 54 independent sales representatives. Through its Trade Source International subsidiary, acquired in 1998, Craftmade distributes outdoor lighting, ceiling fan accessories and an indoor lighting line to the mass merchandiser market.
The existing management team is committed to Woodard’s future as part of Craftmade. “I am confident this transaction will strengthen Woodard on several levels. Craftmade’s entire focus is on designing and manufacturing quality consumer products,” notes Engelage. “The management team and employees are excited about this opportunity and we are looking forward to a positive and exciting future.”