Spencer Enterprises Recapitalized

Staff -- Home Textiles Today, 9/28/2009 12:00:00 AM

New York —

Decorative pillow and soft window treatment company Spencer N. Enterprises Inc., has been recapitalized by Texas-based Ancor Capital Partners and 21st Century Group.

As of two weeks ago, the company's new president is Joy Stewart, formerly vp-sales and marketing. She replaces Nancy Spencer, who remains a significant investor in the company and a member of the board of directors of the 10 year-old company. Stewart is also a member of the board.

"Nancy Spencer will not be going away anytime soon," Spencer told HTT. "We have a lot invested in the business and because of that I am remaining here."

Spencer Enterprises is also currently expanding its product assortment and updating its systems as part of this new effort. Decorative pillows remain the company's core product offering, "but we're rapidly expanding our window assortment," Stewart said. Stewart has been with Spencer Enterprises for the last eight years heading sales and marketing. Earlier in her career, she spent 15 years at the now-defunct Mervyn's, the last five as dmm.

"Spencer is a leader in their category, and the impressive partnership they have developed with their clients has enabled them to build the company to be one of the dominant players in the industry," said J. Randall Keene, founding managing partner of Ancor Capital.