CC Industries, Craftmade to acquire Woodard
December 21, 2007,
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.”
Related Content By Author
Sunset West Strategy
Casual Living eWeekly
Most Viewed Articles
August Digital Edition
Check out the August digital edition of Casual Living, covering a broad array of trends, personalities and insights. You’ll get an inside look at retailer Clive Daniel Home, as well as a conversation with Greg Voorhis, design director at Glen Raven, about the dedicated design team at Sunbrella. We also prepare you for Las Vegas Market with a preview of the hottest casual products, and take a first look at outdoor buyers who got a head start on the latest casual intros at the ICFA Preview Show.