Group to acquire Vermont Tubbs
Powell Slaughter -- Furniture Today, March 23, 2003
Brandon, Vt. — Harbor Partners LLC, a Boston-based venture capital group, has agreed to acquire solid-wood bedroom manufacturer Vermont Tubbs from parent Carris Financial Corp.
Terms of the agreement weren't disclosed. Lee Houston, who joined the company last summer, will remain president of Vermont Tubbs.
"We will continue the 163-year tradition of manufacturing enduring designs with a commitment to quality and value," said Christopher Young, a Harbor Partners' general partner.
Houston said Vermont Tubbs' reputation generated intense interest among the financial community.
"Our employees have proven the American worker is still the most productive in the world," he said. "The team at Tubbs has made great strides in the last six months, having improved service and taken lead times down from 16 to under six weeks. The new ownership's financial power, coupled with a new factory and dedicated employees, means that Vermont Tubbs will grow at a faster rate."
Vermont Tubbs is the first furniture venture for Harbor Partners, which focuses on businesses in the New England region.
"The sales force, many of whom like myself have been with Vermont Tubbs for decades, are excited about the opportunity to make available our products to more dealers," said John Mangan, who represents the company's line in New England.
Vermont Tubbs manufactures solid-ash adult and juvenile bedroom furniture with distribution to all 50 states and Canada. Accounts include retailers such as Northbrook, Ill.-based Crate & Barrel; Jordan's in Avon, Mass.; Bloomingdale's in New York; and Land of Nod in Wheeling, Ill.
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