Symbol Mattress closes deal to acquire Fraenkel
July 8, 2013-- Furniture Today,
RICHMOND, Va. — Top 15 bedding producer Symbol Mattress has completed its acquisition of Englander licensee Fraenkel. Terms of the transaction were not disclosed.
Symbol, based here, said earlier this year it had agreed to purchase Fraenkel, based in Olive Branch, Miss. The asset purchase deal closed earlier this month, officials said.
Ron Clevenger, Symbol's president, said that changes to Fraenkel's 289,000-square-foot facility and manufacturing processes will be made. Those changes, which will require 90 to 120 days to complete, will not affect production nor disrupt delivery of bedding products to Fraenkel's dealers, he said.
Clevenger said Symbol has retained the entire Englander sales team at the plant.
Brian Akchin, formerly CEO of Fraenkel, will join Symbol as vice president of sales and marketing for Englander. "His leadership and experience with the Englander brand will be critical as we move the brand forward," Clevenger said.
Symbol will introduce new products under Fraenkel's USA Choice brand that will provide strong value and quality from $299 to $599, Clevenger said.
Doug Wilcox, Symbol's Pennsylvania plant manager, will transfer to Olive Branch to head up the new plant for Symbol. Efrain Ortiz will replace Wilcox as manager of the Pennsylvania plant.
With the acquisition, Symbol now has seven bedding factories with a manufacturing capacity exceeding one million square feet, the company said.
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