Keller acquires 85% stake in door maker
By Furniture Today Staff -- Furniture Today, January 22, 2006
Louisville, Ky. — Keller Mfg., which exited the furniture business last year, has acquired controlling interest in Paragon Door Designs, a Louisville-based producer of steel and fiberglass residential doors.
Keller said the transaction, valued at $1.14 million, gives the company an 85% equity interest in Paragon.
David Burks will remain Paragon's president and CEO. Burks, who owns the remaining 15% of Paragon's stock, founded the company in 1993.
David Richardson, Keller's president and CEO, said he will soon leave Keller, but will assist in the transition as a consultant to Paragon and the Keller board.
"The acquisition of Paragon represents the exact type of transaction we looked for during 2005," Richardson said. "I believe Paragon is a very good fit for Keller and I am impressed with its founder and leader, David Burks."
Until January 2005, Keller was a manufacturer and importer of solid-wood bedroom, dining room and occasional furniture. Hit hard by competition from imports, the company closed the last of its U.S. plants in late 2004 by selling a factory in New Salisbury, Ind., to Child Craft Inds. A few weeks later, the company said it was exiting the furniture industry completely and would look to acquire another business.
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