NEW YORK–Croscill, one of the most venerable companies in the textiles industry, has been purchased by Patriarch Partners, an investment-fund management firm.
A statement issued this afternoon by Patriarch did not disclose the terms of the deal. Founded by Lynn Tilton, its current chief executive officer, in 2000, Patriarch is also the parent company of home-fashions vendors Glenoit, parent of Ex-Cell Home Fashions; Fetco Home Decor; Bomar Industries; and Acme International Enterprises. Croscill, however, is the biggest name the company has added to its home-furnishings family thus far.
The move apparently spells the exit of the Kahn family from Croscill. Doug Kahn is described in the statement as Croscill’s “departing CEO.” No other personnel moves were described in the statement. “The Kahn family has built the [Croscill] name in home fashion over the last five decades,” Tilton said in the statement.