Home Textiles Today -- Berkshire Blanket Sells Major Stake and Debuts Sheets
At the New York Market -- After flying solo for 12 years of rapid growth and constant reinvention, fleece throw innovator Berkshire Blanket is getting ready to leapfrog past the $100 million milestone, selling a 70% stake in the company, taking on a new deep-pockets partner, and launching into a handful of new product categories, including sheets, comforters, baby and bath.
Founder and ceo Rick Lotuff said he has sold a majority stake in his company to a private equity firm, Cordova, Smart & Williams of New York City, for an undisclosed sum. “After years of exploring opportunities, we found the partner we were looking for in CSW,” Lotuff told HTT. “What we really liked about them is that they have a considerable expertise in branded products and brand management,” he stressed, “and that's what Berkshire is all about.”
In a commodity-driven business, we've created a brand by developing successful product and putting it in packaging that really differentiates the product.”
Berkshire Blanket has recently launched its first-ever line of sheet sets and comforters under the Berkshire Bedding brand. The sheets are made of microfiber polyester, an alternative to flannel. This summer the company plans to launch Berkshire Baby.