Joan Fabrics Completes Acquisition of Circa 1801
March 27, 2001
Tyngsboro, MA (USA) – Elkin McCallum, chairman and CEO of Joan Fabrics Corporation, announced last week that he has completed his acquisition of Circa 1801.
"This transaction, combined with our current ownership of Doblin gives us the premiere position in high end decorative fabrics," McCallum said in a statement released by Joan. "Our plans call for running these businesses on a stand-alone basis. John Lenox and Margaret Coffin are equity partners in this venture and will direct our marketing and styling activities. Josh Schneider will retain a minority interest in a newly created manufacturing company and will be retained as a consultant."
Circa 1801 is a fully integrated jacquard weaving operation located in Connelly Springs, North Carolina and employs approximately 85 associates.
Last May when McCallum signed a letter of intention to acquire Circa, he called it a "logical addition to the group of companies we currently own and operate. Our strategic goal has been to offer our many customers the very best products produced in the most modern and cost efficient manufacturing environments available to our industry today. Circa 1801's facilities and product offerings fit this profile."
Subsequently, McCallum and McKinnon have structured a new equity partnership for the management responsibility of both Circa 1801 and Doblin.
McKinnon will take over as president and chief executive officer of Doblin as well as the operating company responsible for manufacturing Circa 1801 products.
McCallum, according to the press release, will take back the responsibility as president of Joan Fabrics with Ray King reporting directly to him for the Mastercraft business unit.
"This transaction, combined with our current ownership of Doblin gives us the premiere position in high end decorative fabrics," McCallum said in a statement released by Joan. "Our plans call for running these businesses on a stand-alone basis. John Lenox and Margaret Coffin are equity partners in this venture and will direct our marketing and styling activities. Josh Schneider will retain a minority interest in a newly created manufacturing company and will be retained as a consultant."
Circa 1801 is a fully integrated jacquard weaving operation located in Connelly Springs, North Carolina and employs approximately 85 associates.
Last May when McCallum signed a letter of intention to acquire Circa, he called it a "logical addition to the group of companies we currently own and operate. Our strategic goal has been to offer our many customers the very best products produced in the most modern and cost efficient manufacturing environments available to our industry today. Circa 1801's facilities and product offerings fit this profile."
Subsequently, McCallum and McKinnon have structured a new equity partnership for the management responsibility of both Circa 1801 and Doblin.
McKinnon will take over as president and chief executive officer of Doblin as well as the operating company responsible for manufacturing Circa 1801 products.
McCallum, according to the press release, will take back the responsibility as president of Joan Fabrics with Ray King reporting directly to him for the Mastercraft business unit.
