Investor group buys high-end Italmond
By Jeff Linville -- Furniture Today, August 22, 2005
Los Angeles — Iramtac Corp. has sold Italmond Furniture, a maker of high-end upholstery, dining room and occasional, to an investor group for an undisclosed sum.
The group, Five Crowns Capital, is comprised of several owners, according to Jeff Schaffer, group president. With the purchase, Schaffer becomes chairman and CEO of Italmond, and fellow investor Chuck Stevens becomes president.
"Italmond offers all of us a compelling opportunity to drive an established furniture brand into an even more prominent position within the high end of the market," said Schaffer. "We intend to continue focusing on quality designs, fabrics and finishes, combined with responsive customer service."
Italmond began business in 1981 and had been owned by Iramtac since 1987. In addition to its high-end residential customers, the company serves office and commercial markets.
Italmond's executive team will stay in place, including Sales Director Bruce Gellis and Design Director Brian Carter.
Gellis said that with the new ownership, "our sales efforts have already been energized as a result of the focus we are seeing on new products, collateral material and sales strategy."
Italmond blends imported styles with customized product. Gellis said about a quarter of its sales are of U.S.-made products, often in customized sizes or using COM fabrics. Another quarter comes from Spain, while the rest is imported from China.
At the April market, Italmond moved into a new showroom in the International Home Furnishings Center, which gave it about a third more space. In October, the company plans to introduce about 25 pieces, 40 new fabrics and new finishes.
Gellis said he was at the Las Vegas market and heard good things from manufacturers and retailers. He said Italmond might show there in the future.
