Vi-Spring, a wholly owned subsidiary of Flex Group of Spain that produces high-end bedding, has bought a majority share of E.S. Kluft & Co., which manufactures luxury mattresses under the Kluft and Aireloom brands.
Financial terms of the deal were not disclosed.
The purchase gives Vi-Spring, which has headquarters in Plymouth, England, a stronger presence in North America. According to a news release, the deal also will enhance Kluft’s international presence by leveraging Vi-Spring’s existing retailer network, which has operations in Europe, Asia and North America, as well as that of its parent company, the Flex Group of Madrid, Spain, which has a strong presence in southern Europe and Latin America.
Earl Kluft, who founded Rancho Cucamonga, Calif.-based E.S. Kluft & Co., will be chief executive officer of the combined North American company. According to the news release, he has “signed a long-term contract to remain in that role.” All employees of both companies in North America will be kept onboard, including David Binke, Kluft U.S. president of sales; Ron Bruneau, Kluft senior vice president of operations; and Terence Bachor, Vi-Spring North America director, who will continue to manage Vi-Spring in the United States and Canada. All report to Kluft.
Vi-Spring purchased a 51% share of the combined company, which will continue to market and sell its brands separately.
“For many years, I have admired English luxury beds, particularly Vi-Spring—that I believe really has no peers when it comes to their excellent quality and craftsmanship,” Kluft said. “I see this as an opportunity for both of us to grow our brands worldwide.”
Of the deal, Vi-Spring Managing Director Mike Meehan said, “We have known Earl for many years and respect the quality and high standards that he has brought to our industry. Together, we shall make an exciting team. For Vi-Spring and the Flex Group, this is a strategic move as we will accelerate our growth in the American market with the help of a very reputable U.S. company and compete internationally with a great portfolio of luxury brands.”