ITC Buys Heritage House
October 18, 2004,
Heritage House Fabrics has purchased the business assets of International Textile Corp.
“We feel this is an important addition to our Heritage House business and an excellent fit of product lines between the two companies,” said Tom Hilb, president. “We will keep ITC as the high end of our business in both styling and price points.”
Hilb, an industry veteran, began Heritage House four years ago, focusing primarily on jobbers and manufacturers in the moderate price ranges with multi-purpose and drapery fabrics.
“We feel there is a tremendous amount of growth as a middle-of-the-road fabric supplier in the $5 to $10 price points,” Hilb explained.
“The ITC acquisition will give us a new presence in the upholstery market and prints. We will be able to go 'uptown' with a whole new group of vendors and customers.” ITC's prices range from $8 to $20. The company's top 22 customers are 15 of Heritage's top 25, Hilb added.
ITC's inventory is being moved from Philadelphia to the corporate office and warehouse of Heritage in Concord, N.C. Customer service will continue to be done from ITC's New York office for approximately three months, Hilb said.
Looking ahead, Hilb said, “We will be looking for a product person for both Heritage House and ITC. I can find product and conceptualize packages, but we will need more professional help in prints and the high-end fabrics.”
Sunshine, who is retiring, said he expects to be as active with philanthropic activities. “Our 30th anniversary in June told me it was time (to retire).”
Heritage House is on target to reach $10 million in sales this year, while ITC has sales of close to $5 million, Hilb said. The deal's purchase price was not disclosed.