Craftmade buys Woodard
-- Casual Living, 2/1/2008 12:00:00 AM
“We are very happy that the transaction has been finalized and Woodard looks forward to a positive and exciting future with Craftmade International,” said Dean Engelage, Woodard president.
Under terms of the agreement, Craftmade was to acquire all plant, property and assets for $19.3 million plus warrants to purchase 200,000 shares of common stock. Assets include Woodard's 306,000-sq.-ft. manufacturing plant in Owosso, Mich. Founded in 1865, Woodard makes wrought iron, aluminum and all-seasons wicker outdoor furniture presented under the Woodard, Woodard Landgrave and Woodard Lyon Shaw brands.
Founded in 1985 and based in Coppell, Texas, Craftmade International makes and markets a broad range of indoor and outdoor lighting products, ceiling fans, door chimes, ventilation systems and related accessories.
“We continue to look for ways to diversify our strong product offering and be less reliant on new home construction while leveraging our core marketing and distribution competencies,” said James R. Ridings, Craftmade chairman and CEO. “The Woodard acquisition will be a strategic addition to our fast-growing outdoor product lines, and will allow us entry into the growing hospitality market, expand our retail customer base, and add a new independent distribution channel.”
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