Symbol agrees to purchase Fraenkel assets
David Perry -- Furniture Today, May 15, 2013
RICHMOND, Va. - In a deal involving two Top 15 bedding brands, Symbol Mattress has agreed to acquire Englander licensee Fraenkel in an asset purchase agreement subject to the completion of due diligence, Symbol officials said.
They said the 289,000- square-foot Fraenkel factory in Olive Branch, Miss., will continue to operate as a strong regional producer of the Englander brand as well as to continue as the maker of the USA Choice brand.
The acquisition is expected to close at the middle of this year, Symbol officials said. Terms of the deal were not disclosed.
Symbol, No. 13 on Furniture/Today's list of the Top 15 bedding producers, is based in Richmond. Its nearest plant to the Fraenkel factory is in Jasper, Ala. Englander is the No. 9 bedding producer.
Symbol officials said the synergy between Symbol and Fraenkel will enable Symbol to expand its footprint not only in the Deep South but into the states that are to the west and northwest of Memphis, including Oklahoma, Arkansas, Missouri, Kansas and parts of Texas.
"Englander/Fraenkel is excited with the prospect of becoming part of Eastern Sleep Products (Symbol) and continuing to grow the Englander brand in the south central United States," said Brian Akchin, CEO of Fraenkel.
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