Himatsingka Seide Ltd has announced that the Company has completed the acquisition of a 100% stake in DWI Holdings Inc. (DWI). This was consequent to signing definitive agreements in New York on October 18, 2007. Himatsingka acquired the stake through its wholly owned subsidiary, Himatsingka America Inc,.
This acquisition follows the acquisitions of Giuseppe Bellora SpA, in February 2007 andDivatex Home Fashions Inc., in July 2007. The acquisition of DWI is in line withHimatsingka strategy to forward integrate by acquiring high-end brands and large distribution networks in the home textile space.
The enterprise value for the transaction was USD 30 Million. For the fiscal 2007, DWI reported revenues of 47 Million.
Headquartered in Atlanta, Georgia, DWI has the licenses for the sourcing, marketing and distribution of luxury home textile brands Calvin Klein, Barbara Barry and Royal Sateen. These brands are amongst the most prestigious and recognized home textile labels in the North American market with Calvin Klein being the second largest luxury bedding brand distributed through departmental stores in the United States. In addition, the Hospitality division of DWI caters to the unique needs of five star and deluxe properties around the world.
DWI was founded by home textile industry principals Mr. Michael Bernstein, Mr. RudySchmatz and Mr Dennis Cochran, in 2001. Mr. Michael Bernstein will continue to be member of the Board and the CEO of the company. Messrs. Schmatz and Cochran will continue to be the President and CFO of the Company respectively. The incumbent management of DWI will continue to drive growth strategies for the Company.
Mr. Shrikant Himatsingka, Executive Director, Himatsingka Seide, said The three acquired entities will collectively contribute Rs 1100 crores in annual revenues.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment