Investors acquire bedroom source Embassy International
Now called Elements International, company will add new products
Thomas Russell -- Furniture Today, November 16, 2009
ROCKWALL, Texas — A group of private equity investors called Elements International Group has acquired promotional bedroom importer Embassy International.The investor group includes Embassy CEO Jack Wurster and his nephew and company President Mike Wurster. They and other key executives will remain in their roles in the new company, which will be called Elements International.
Officials did not reveal the purchase price or other terms of the acquisition of Embassy, which was formed in 2003 as a bedroom resource.
However, they did say the acquisition includes the business and substantially all of its assets. It also allows them to restructure the company as it grows into new product categories beyond bedroom, including youth furniture, home entertainment and accessories. New products are planned for both the Las Vegas and High Point markets in early 2010, said Mike Wurster.
"From our side, we are excited to be expanding the business into new product categories," he said. "Our customers will find the change we are making will benefit them in terms of their being able to source other products from us. We are excited in terms of what the acquisition will bring to our customers."
The news occurs about a week after Embassy hired Mike Harold as vice president of merchandising. He most recently was a case goods buyer for Edmonton, Alberta-based The Brick.
"We are excited about the new structure and opportunity for Elements International," said Jack Wurster, who is a majority owner in the new company and also was a majority owner in Embassy. "The overriding focus will continue to be developing and delivering the very best furniture values in the market."
The company sells promotional to medium priced bedrooms that retail at around $999 for four-piece groups. It also has sold some accessories in the past, but has primarily been known for its bedroom assortment.
The company has a 97,000-square-foot customer service center and warehouse operation in Rockwall. Officials said the company's focus will remain on product development, quality control, quality customer service and timely delivery.
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