Cordima Sold, Forms Ardison Link
September 24, 2001
Greven, Germany – Cordima AG International, a made to measure specialist in voile and sheer curtains, has been acquired by the Braukmann family, which has other interests in the electrical appliance and bathroom accessories distribution business.
The purchase of Cordima was made in the first quarter of 2001 by a group of private investors led by the Braukmann family for an unspecified price. It is understood that the company has sales in the $25 million range.
This is the Braukmann family's first foray into textiles and it is looking to make other acquisitions in this industry using family member expertise in finance and distribution to build the business.
Jost Braukmann, an active shareholder and financial manager, and his uncle Klaus who is managing director, confirmed this. Jost's brother Mark is also an investor.
At the same time, Cordima has formed a strategic alliance with Ardison Textil Gmbh & Cp. In Schloss-Holte-Stukenbrock, Germany. Ardison is a supplier of jacquard woven and printed fabrics. In this new arrangement, Ardison is expected to cooperate closely with Cordima on development, worldwide buying of raw materials and made to measure services. Both companies will keep their legal independence. Ardison's managing director Paul-Wilhelm Epping has now retired and Manfred Lindahl is the new managing director, Ardison reports.
Cordima has expressed interest in converting more of its lines and this arrangement plays into that strategy.
"Our strategy is to get out of the price battle by greatly expanding and upgrading our line, offering great value at higher prices in the future," said Jost.
Since the acquisition, the Braukmanns have taken a small interest in an Eastern European agent to sell curtains on an exclusive basis. "This group will help us with product development and marketing in that region, Jost confirmed.
"We are now looking to take a position of up to ten percent in an American converter, wholesaler or producer."
The bulk of Cordima's sales are based in Germany but it also has a position in the English and Benelux markets as well as Austria and Spain. Just over 40 percent of the production is exported to Europe.
Peter J. van der Wallen, sales and marketing director, updated Cordima's packaging and presentation in Holland under the previous owners.
"The business had been in a state of decline, about five percent down each year for ten years," he said. He was able to stabilize the business in Holland and turn it around by offering an up market package.
"Eventually, Cordima suffered from a lack of capital and unsolvable problems. With the new ownership, everything has improved."
Aside from curtains, Cordima expects to market other products through its distribution in order to build sales. These products include wall-coverings, upholstery and decorative piece goods.
The purchase of Cordima was made in the first quarter of 2001 by a group of private investors led by the Braukmann family for an unspecified price. It is understood that the company has sales in the $25 million range.
This is the Braukmann family's first foray into textiles and it is looking to make other acquisitions in this industry using family member expertise in finance and distribution to build the business.
Jost Braukmann, an active shareholder and financial manager, and his uncle Klaus who is managing director, confirmed this. Jost's brother Mark is also an investor.
At the same time, Cordima has formed a strategic alliance with Ardison Textil Gmbh & Cp. In Schloss-Holte-Stukenbrock, Germany. Ardison is a supplier of jacquard woven and printed fabrics. In this new arrangement, Ardison is expected to cooperate closely with Cordima on development, worldwide buying of raw materials and made to measure services. Both companies will keep their legal independence. Ardison's managing director Paul-Wilhelm Epping has now retired and Manfred Lindahl is the new managing director, Ardison reports.
Cordima has expressed interest in converting more of its lines and this arrangement plays into that strategy.
"Our strategy is to get out of the price battle by greatly expanding and upgrading our line, offering great value at higher prices in the future," said Jost.
Since the acquisition, the Braukmanns have taken a small interest in an Eastern European agent to sell curtains on an exclusive basis. "This group will help us with product development and marketing in that region, Jost confirmed.
"We are now looking to take a position of up to ten percent in an American converter, wholesaler or producer."
The bulk of Cordima's sales are based in Germany but it also has a position in the English and Benelux markets as well as Austria and Spain. Just over 40 percent of the production is exported to Europe.
Peter J. van der Wallen, sales and marketing director, updated Cordima's packaging and presentation in Holland under the previous owners.
"The business had been in a state of decline, about five percent down each year for ten years," he said. He was able to stabilize the business in Holland and turn it around by offering an up market package.
"Eventually, Cordima suffered from a lack of capital and unsolvable problems. With the new ownership, everything has improved."
Aside from curtains, Cordima expects to market other products through its distribution in order to build sales. These products include wall-coverings, upholstery and decorative piece goods.
