Leonard Takes the Helm at Croscill
December 8, 2008,
Barry Leonard, president and ceo of Glenoit and Ex-Cell, will also lead Croscill now that it has been acquired by their common parent company, Patriarch Partners.
"When Carl and I worked together at Springs, it was similar," noted Leonard. "Carl is just the best in the business."
Patriarch ceo Lynn Tilton told HTT the value Croscill brings to Patriarch's textiles portfolio is brand and design. "I didn't just want to buy revenues," she said. "I wanted something that could help Glenoit and Ex-Cell expand to the next level."
She also shared an anecdote about the search for the right acquisition. "I waited very patiently as [Leonard] put one over-priced acquisition after another in front of me. I told him if he didn't stop, I would start designing shower curtains," Tilton said with a laugh. "This is exactly what we waited for."
The first order of business is to streamline. Leonard pointed to warehousing, distribution and sourcing as three areas that could co-mingle for greater efficiency. He also pointed to Glenoit-owned facilities in China — which make shower liners, window accessories and molded goods, among other products — as offering further synergies.
"Barry is a great operator," Tilton said. "He knows how to streamline and make money."
Tilton said she would like to see some of Croscill's design savvy used to elevate Glenoit and Ex-Cell's sensibilities, particularly for the mass market. "Having Glenoit and Ex-Cell behind it helps with the expense that goes into design capacity," she said.
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