CCI has sold Woodard to Craftmade
Lincoln International, a leading global middle market investment bank, today announced that substantially all of the assets of Woodard LLC (“Woodard” or the “Company”), a portfolio company of CC Industries, Inc. (“CCI”), have been acquired by Craftmade International, Inc. (NASDAQ: CRFT) (“Craftmade”), for an announced transaction value of $19.3 million in cash and stock, plus an additional amount consisting of warrants.
Woodard is a leading designer, manufacturer and distributor of a broad line of high-quality outdoor furniture products and related accessories. With over 70 years of history in the outdoor furniture market, Woodard has established a strong brand name and is recognized for producing top quality products with superior design characteristics. The Company is one of a limited number of producers that supply all major distribution channels with products manufactured from nearly all major material types, including wrought iron, extruded aluminum, cast aluminum, and all-weather resin-based weave.
Lincoln International worked closely with CC Industries and Woodard throughout the sale process, from initially evaluating strategic alternatives to identifying and contacting potential acquirers to negotiating the terms of the transaction.
“Lincoln did an excellent job of evaluating our strategic alternatives, identifying the right potential acquirers on a global basis and managing the process all the way to close,” said Mel Cohen, Vice President of Corporate Development for CC Industries. “Lincoln’s integrity, perseverance and expert advice from our initial discussions right through closing resulted in an outstanding outcome for CCI, Woodard, its customers and its employees.”
About About CC Industries
Headquartered in Chicago, CC Industries, Inc. operates under the umbrella of Henry Crown & Company and is the holding and management company for the Crown family’s privately held operating companies, including Great Dane Limited Partnership; Formax, Inc.; and Bush Hog LLC.
About Woodard, LLC.
Woodard, LLC was founded in 1865 and is a leading manufacturer of wrought iron, aluminum, and all season wicker outdoor furniture presented under the Woodard, Woodard Landgrave, Woodard Lyon Shaw and Woodard Worldwide brands. Headquartered in Chicago, Illinois, Woodard, LLC, has manufacturing facilities in Owosso, Michigan and sources other products from China and Mexico. More information about Woodard’s products can be found at www.woodard-furniture.com.
About Craftmade International
Craftmade International, Inc. (NASDAQ: CRFT), founded in 1985 and based in Coppell, Texas, is engaged in the design, distribution and marketing of a broad range of proprietary ceiling fans, lighting products, decorative light bulbs, door chimes, ventilation systems and related accessories. The company distributes its premium products through a network of 1,600 showrooms and electrical wholesalers through a national sales organization of more than 54 independent sales representatives. Through its Trade Source International subsidiary, acquired in 1998, Craftmade distributes outdoor lighting, ceiling fan accessories and an indoor lighting line to the mass merchandiser market. More information about Craftmade International, Inc. can be found at www.craftmade.com.
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