Himatsingka Adds Calvin, Royal Sateen in DWI Holdings Buy
October 29, 2007-- Home Textiles Today,
Bangalore, India — Himat-singka Linens has acquired a 100% stake in DWI Holdings through its wholly owned subsidiary, Himatsingka America Inc.
This is the mill's third acquisition this year. It purchased diversified home textiles resource Giuseppe Bellora SpA in February, followed by fashion bedding supplier Divatex Home Fashions Inc. in July. The 21-year-old mill has long specialized in silk and silk blend fabrics, with a concentration in the bridal industry.
DWI's key brands include Calvin Klein Home, Royal Sateen and Barbara Barry.
“The three acquired entities will collectively contribute $275 million in annual revenues,” said Shrikant Himatsingka, executive director.
“The group now has five strong brands under its fold and is exploring the opportunity of bringing them to India and other Asian markets,” he continued. “The revenues from our global distribution arms coupled with strong retail growth will position us to achieve $300 million to $325 million in revenues next year.”
The acquisitions will also consume the entire capacity of the mill's recently commissioned $100 million bedding facility.
Himatsingka put the DWI transaction value at $30 million, and reported DWI's 2007 fiscal revenues were $47 million. DWI Holdings was founded by Michael Bernstein, Rudy Schmatz and Dennis Cochran in 2001, initially consisting of the adult bedding business from Crown Crafts.
Bernstein will remain at DWI as ceo and a board member. Schmatz and Cochran will serve as president and cfo, respectively.
Bernstein said becoming part of a vertical group “will open up significant opportunities for growth for DWI.”
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