COPPELL, Texas–Ceiling fan and lighting specialist Craftmade International, said it has signed a deal with Woodard LLC and CC Industries to acquire substantially all of the assets of Woodard, a Chicago-based outdoor furniture maker.
Craftmade said it will buy all plant, property and assets for $19.3 million plus warrants to buy 200,000 shares of common stock. Woodard has a 306,000-square-foot manufacturing facility in Owosso, Mich.
"We continue to look for ways to diversify our strong product offering and be less reliant on new home construction while leveraging our core marketing and distribution competencies," said James R. Ridings, Craftmade's chairman and chief executive officer, in a statement. "The Woodard acquisition will be a strategic addition to our fast-growing outdoor product lines, and will allow us entry into the growing hospitality market, expand our retail customer base and add a new independent distribution channel."
Woodard, founded in 1865, manufactures wrought iron, aluminum and all-season wicker outdoor furniture marketed under the Woodard, Woodard Landgrave and Woodard Lyon Shaw brands.