Riddle & Cockrell to buy Gold Coast
Home & Textiles Today Staff -- Home Textiles Today, May 28, 2001
BURLINGTON, NC — Moving to extend its reach into high-fashion looks in chenille, Riddle and Cockrell, a cotton jacquard throw producer headquartered here, said it plans to buy Gold Coast of New York, a fledgling producer of luxury throws and pillows.
Riddle and Cockrell said the two companies have agreed on the basic terms of the acquisition, and are now involved in the due diligence and planning processes. The deal is expected to close by July 1.
Gold Coast, with a showroom at 295 Fifth Ave., made its first showing in February, with an encore at the April home textiles market. Riddle and Cockrell, founded in 1991, manufactures and markets cotton jacquard throws, pillows, wall decor and contract upholstery fabric. Initially, a contract supplier producing goods for other manufacturers and custom product for the premium trade, Riddle and Cockrell later branched out into the gift trade, and has more recently made inroads into traditional retail channels of distribution.
Tim Riddle, ceo, said, "We have raised our sights substantially and are targeting to be the market leader in home accents. The acquisition of Gold Coast, the product, the resources and the creativity will launch us into a substantial position in the luxury market. Our logistical and operational capabilities, coupled with the product, design and manufacturing facilities of Gold Coast, will enable us to provide premier service to retail stores, both major and specialty."
Gold Coast, headed by partners DaZhou Wang and Ned Remington, was formed as the retail marketing arm of Sino U.S., an import company founded by the pair to supply major distributors and manufacturers. Remington said, "DaZhou and I are very excited with the opportunity to partner with Riddle and Cockrell to become the leaders in the home accents marketplace. We've developed excellence in product, design, development and cost. They have developed excellence in operations, service and fulfillment. Together we will provide leadership in supply — a valuable partnership — that the retailer needs and demands."
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