Indo Count Industries boosts U.S. production with 2nd strategic acquisition

Category: HOME TEXTILES

Country: United States

By Jennifer Marks
Editor in Chief
13th October, 2024

In Brief:
-Indo Count has acquired a 100% stake in Modern Home Textiles Inc. in Phoenix, Arizona, which has an annual capacity of 8 million pillows.
-The deal follows its acquisition last month of a majority stake in Fluvitex USA Inc. in Columbus, Ohio.
-Total U.S. manufacturing range will be 13 million pillows and 1.5 million quilts, with expected revenue at full capacity exceeding $85 million.

Mumbai – Indo Count Industries Limited has more than doubled its U.S. pillow production capacity though its second acquisition in less than 5 weeks.

Indo Count Global Inc. (ICG), the major Indian manufacturer’s wholly owned U.S. subsidiary, has acquired a 100% stake in Modern Home Textiles Inc., manufacturer of wide range of pillows and other filled utility bedding products, and its facility in Phoenix, Ariz. The operation was founded in September 2023 by Jackie Spinella Waters and has an annual capacity to produce 8 million pillows.

The price of the transaction was not disclosed.

Last month, ICG acquired a majority stake in Fluvitex USA Inc., a pillow and quilt manufacturing company based in Columbus, Ohio which has the capacity to produce 5 million pillows and 1.5 million quilts.

The latest strategic acquisition expands Indo Count’s U.S. capabilities as well as its distribution base, with plants located in the Midwest and Western U.S.

“Modern Home Textiles brings innovative sustainable solutions in the utility bedding segment, allowing us to serve our customers better and enabling us to further expand our U.S. presence. Our investments over the last few months in the USA underscore our commitment to creating more employment opportunities and further strengthen our brand,” said Anil Kumar Jain, Indo Count’s executive chairman.

Under the terms of the agreement, Spinella Waters will join ICG as part of its sales team.

“We are thrilled to join forces with Indo Count Global as we share a common vision for the future,” she told HTT.  “As we combine forces, we look to accelerate our growth and provide enhanced value to our customers.”

With these two acquisitions, ICG’s total manufacturing capacity in U.S. will be 13 million pillows, with an additional capacity of 1.5 million quilts. At full capacity, the total expected revenue will be more than $85 million.

The customer bases for Fluvitex USA and Modern Home Textiles are not overlapping, “thus providing a strong projected growth,” ICG announced.

The U.S. investments are part of Indo Count’s larger plan to build significant capacities in pillow manufacturing to service customers in North America.

Indo Count’s busy year
Indo Count Industries, which bills itself as the largest bed linen producer in the world, has had an active 2024.

In March, Indo Count acquired the Wamsutta home textiles brand from Beyond Inc. for $10.25 million in cash plus the assumption of certain liabilities. The company then inked licensing agreements for the Fieldcrest and Waverly brands. The licenses cover the U.S. and Canadian markets and encompass a wide range of product categories: sheets, fashion bedding, utility bedding, bath and window treatments, among others.

In 2023, Indo Count was the 4th largest supplier to the U.S. with estimated volume of $504 million. The company originally entered the North American market as a go-to source for sheets. In the years since, it has grown both organically by expanding into new product categories as well as through acquisition. Its 2022 acquisition of GHCL’s home textiles division greatly expanded its capacities and Indo Count has made further investments in its operations.

Last month, the company was honored at the Home Excellence Awards Gala during New York Home Fashions Market in the category of Home Textiles Supplier or Manufacturer Demonstrating Excellence in Business Expansion.

Courtesy: Hometextilestoday.com