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Glen Raven to Acquire Astrup and John Boyle & Company

(January 2007) posted on Fri Jan 19, 2007


Glen Raven, Inc. has announced plans to purchase the Astrup Company and John Boyle & Company, both distributors of hardware and finishing supplies for the casual furniture, awning, and marine industries, including Glen Raven's Sunbrella brand fabrics.


"Glen Raven remains committed to growing and supporting the industrial fabric industry," says Allen E. Gant, Jr., president of Glen Raven. "Merging Glen Raven's resources with those of Boyle and Astrup will create a stronger, more diversified organization that is capable of providing enhanced value throughout the entire supply chain. This strategic initiative will allow us to grow each of the markets we serve by working more directly with our customers."


"The parallels among our companies will serve to make this a very successful venture," says John Boyle Bell, chairman of John Boyle & Company. "All three companies were founded in the middle to late 1800s, and we have been business partners with Glen Raven for more than 100 of those years. All three remain family-owned by our founders' descendents, and we all serve the same market segments. By combining our resources, we will be in an ideal position to offer our customers continual innovations in products and services."


Some background on the three companies:


* Headquartered in Glen Raven, NC, Glen Raven was founded in 1880 by John Q. Gant as a small cotton mill and the manufacturer of high-performance fabrics is still owned and managed by his descendents. The company is perhaps best known for its two flagship brands: Sunbrella and Dickson (the latter becoming part of Glen Raven when it merged with Dickson S.A. in 1998). The company has a major distribution presence in more than 100 countries.


* The Astrup Company was founded as a sail loft in Cleveland, OH, in 1876 by William J.O. Astrup, a sail maker who emigrated from Denmark. Today, Astrup is a supplier of materials used in the manufacture of awnings, signs, tents, outdoor furniture and umbrellas, marine products (tops and covers), and associated fabric products for residential, commercial, and architectural applications. Astrup markets its products and services through 14 distribution centers throughout North America.


* John Boyle & Company was founded in 1860 by John Boyle as a sail loft in Brooklyn, NY. Today, its corporate offices are in Statesville, NC, and the company is a manufacturer and distributor of materials used for awnings, signage, tents, marine, military, geo textile and other outdoor and recreational applications. It has more than 300,000 square feet of manufacturing, administration, and distribution space.


GLEN RAVEN
www.glenraven.com


ASTRUP
www.astrup.com


JOHN BOYLE & COMPANY
www.johnboyle.com



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