Distinctive Design CEO agrees to acquire outstanding shares
Michael J. Knell -- Furniture Today, December 16, 2007
Toronto — Alan Kornblum, president and CEO of Distinctive Designs Furniture, has agreed to acquire all outstanding shares of the upholstery maker from majority shareholder Consolidated Mercantile Inc. for an undisclosed amount.
The publicly held Consolidated Mercantile said in a statement it expects the transaction to close about Dec. 28.
Kornblum has been the operational partner of Distinctive Designs since its inception 32 years ago and guided the company through a recent court-approved restructuring. He said Distinctive will now focus on growth.
"The company is embarking on an exciting period of brand expansion and growth," he said, beginning at next month's Canadian Home Furnishings Market with the re-introduction of the Kroehler brand to the Canadian market.
"We will also demonstrate our commitment to domestic production of special orders in leather and fabric for fine stores across Canada and the United States," Kornblum said. "We will be introducing 56 leather sectionals and an equal number of stationary upholstery groups in fabric and leather. It will be our largest effort ever."
The Distinctive brand will add high-quality fabric sets from the company's production partners in Asia, in addition to its Canadian-made leather offerings. "The iNNOVA Designs brand of leather products, made in the same Asia factory, will give us a 'volume and value' offering we haven't had before," Kornblum said.
The company's North American sales force also is being expanded, he said, adding, "We anticipate a great year in 2008."
Both Distinctive and Consolidated Mercantile, a management holding company, are based in Toronto.
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