Bedding producer Symbol Mattress, which has headquarters in Richmond, Va., has agreed to purchase the assets of employee-owned mattress manufacturer Fraenkel, an Englander licensee in Olive Branch, Miss.
Symbol President Ron Clevenger said his company is in the process of doing its due diligence and has made no final decisions on the plant’s management team and personnel.
“The plant has a strong customer base, and the purchase makes geographic sense for our company,” Clevenger said. “This gives us expansion opportunities into states where we previously didn’t have a presence, including Arkansas, Oklahoma and Texas.”
The acquisition of Fraenkel will make Symbol a part owner of the Englander brand, which brings the company additional benefits, Clevenger said.
“This is the first licensing group we’ve participated in,” he said. “We’ve already attended an Englander marketing meeting in Dallas and believe we can be instrumental in helping to grow the brand.”
Of the deal, Englander President Kevin Toman said, “Our reputation for quality attracted Symbol and this move adds strength to the Englander brand. Symbol’s management sees this as a great opportunity to expand Englander throughout the Southwest, and their manufacturing best practices will benefit all of Englander.”
In addition to the Englander brand, the Fraenkel plant will continue to manufacture the USA Sleep Systems brand and private-label products.
Fraenkel’s 289,000-square-foot facility will be Symbol’s seventh manufacturing plant. Symbol also has production facilities in Alabama, Connecticut, Florida, Pennsylvania, Virginia and Wisconsin.
“We’re very excited to be part of the Symbol group,” said Brian Akchin, Fraenkel president and chief executive officer. “We have the largest geographical territory in the Englander group that includes nine states in the south central United States about 25% of the country—and being part of Symbol will help us grow and strengthen the Englander brand.”
Terms of the deal, which is expected to close mid-year, were not disclosed.
