Samson Holding acquires U.K. brand
By Furniture Today Staff -- Furniture Today, November 3, 2008
HONG KONG — Samson Holding, the parent of Universal Furniture, Legacy Classic Furniture and Craftmaster Furniture in the United States, has acquired the assets of British case goods producer Willis & Gambier.
The acquisition allows Samson to extend its operations into Europe, said Mohamad Amini, president of Samson's Chinese manufacturer, Lacquer Craft.
He said Willis & Gambier is a well-known brand in the United Kingdom and had about $70 million in sales in 2006.
Samson offered an initial $7.5 million for the company, which had been in insolvency in the U.K., according to a Hong Kong Stock Exchange filing.
The purchase did not include any of the company's manufacturing assets.
A British management team had acquired Willis & Gambier two years ago and took on too much debt in the purchase, Amini said.
Samson appointed Mark Symes as managing director of the British company. He has been associated with Willis & Gambier for more than a decade.
