Leonard takes the helm at Croscill
November 19, 2008,
“When Carl and I worked together at Springs, it was similar,” said Leonard. “Carl is just the best in the business.”
Patriarch ceo Lynn Tilton told HTT the value Croscill brings to Patriach’s textiles portfolio is brand and design. “I didn’t just want to buy revenues. I wanted something that could help Glenoit and Ex-Cell expand to the next level.”
She also shared an antecdote about the search for the right acquisition. “I waited very patiently as [Leonard] put one over-priced acquisition after another in front of me. I told him if he didn’t stop, I would start designing shower curtains,” Tilton said with a laugh. “This is exactly what we waited for.”
The first order of business is to streamline. Leonard pointed to warehousing, distribution and sourcing as three areas that could co-mingle for greater efficiency. He also pointed to Glenoit-owned facilities in China – which produce shower liners, window and molded accessories, among others – as offering further synergies.
“Barry is a great operator,” Tilton said. “He knows how to streamline and make money.”
Tilton said she would like to see some of Croscill’s design savvy used to elevate Glenoit and Ex-Cell’s sensibilities, particularly for the mass market. “Having Glenoit and Ex-Cell behind it helps with the expense that goes into design capacity,” she said.
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