More great news on INTXA.
Interiors Inc. Acquires A Majority Interest In Creative System Lighting & Completes Acquisition Of Model HomeInteriors, Inc.
March 3, 1999 09:19 AM
MT. VERNON, N.Y.--(BUSINESS WIRE)--March 3, 1999--
Combined Revenues Total More Than $24 Million
Interiors, Inc. INTXA (the "Company") announced today that it has completed the acquisition of a 51% interest in Creative Systems Lighting, Inc.(CSL) and finalized its acquisition of Model Home Interiors, Inc. (MHI).
CSL, headquartered in Valencia, California, designs, manufactures and distributes superior quality, contemporary lighting fixtures, for use by the hospitality industry, as well as up-scale residences. CSL has annual revenues of approximately $13 million. The acquisition of CSL was financed internally by Interiors.
MHI, is a provider of design, merchandising and leasing services to the homebuilding, hospitality and time-sharing industries. With annual revenues in excess of $11 million, this acquisition will be operated under Interiors' recently formed subsidiary, Habitat Solutions, Inc. MHI. represents Habitat's first acquisition, which was formed to acquire leading companies that provide design and related services to the homebuilding and related industries. The acquisition of MHI was completed through a financing facility received through a financial institution.
The acquisition of CSL and MHI further enhances Interiors' position in the design, manufacture, and distribution of multiple varieties and styles of decorative accessories for the home furnishings industry and as a significant provider of design services to the homebuilding and related industries. The acquisition of a majority interest of CSL and the acquisition of MHI signify Interiors' initial entrance as a provider of services to the hospitality industry.
Max Munn, President and CEO of Interiors, Inc. stated "I am pleased to announce that we completed the acquisition of CSL and MHI. CSL, represents an ideal strategic complement to our expanding lighting business. MHI has an established market position along the entire east coast, along with a highly experienced management team. As the result of this acquisition I am confident that our Habitat Solutions subsidiary will gain a competitive advantage in the marketplace, through the ability of our other subsidiaries to provide a portion of Habitat's merchandise requirements". |
