Gilmartin set to acquire majority stake in Covington
Carole Sloan -- Furniture Today, October 30, 2005
New York — Roger Gilmartin, executive vice president and chief operating officer of fabric converter Covington Inds., has reached an agreement to acquire a majority stake in the assets of the company from the Gilmore family.
Abby Gilmore, Covington chairman and CEO, described the transaction as the "culmination of the Gilmore family's expectation when Gilmartin joined Covington in 1996, that he would serve as president in the transition from Gilmore family ownership."
The family will continue to have an interest in Covington and Abby Gilmore will continue to serve the company in an advisory capacity.
"We are thrilled with the new prospects that further investment will bring to the business. The management team is set to hit the ground running as we move to new office space and begin a new era for Covington," Gilmore said.
She added, "It is bittersweet for the Gilmore family to begin our exit from the company which our father, Benjamin Gilmore, founded 65 years ago. But we are thrilled that Roger will be leading the Covington team in the future."
Covington will move from its New York showroom and office at 15 E. 26th St. to a new site at 386 Park Ave. South by year's end. The sale is expected to closes prior to the move.
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Gilmartin to buy Covington
Nov 6, 2005
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