Victor Innovatex Bids Up Joan Fabrics Corp. Assets
July 2, 2007
BRIARCLIFF MANOR, New York - Visitors and potential bidders at the Joan Fabrics auction in Wilmington, Delaware noticed an unexpected bidder in Victor Innovatex, a jobber and mill dealing in panel and contract fabrics based in Montreal, Canada.
In other developments, Elkin McCallum was also successful in purchasing not only the assets of Texel, a yarn producer in Mexico but also the intellectual assets of Mastercraft Corp. Some insiders speculate that McCallum will eventually produce a Mastercraft fabric line in Mexico, but this is pure speculation at this point.
Alain Duval, Victor Innovatex owner, participated in the bidding and while not successful, caused the winning bidder several million dollars by bidding up the final price, observers said. Other active participants in the auction were representatives of Weave, ITG and Tietex. Valdese as previously reported was the successful bidder.
Regarding Duval's bidding attempt for the Joan assets, insiders felt he is now trying to get into the residential fabrics business after successfully operating in the contract sphere for 27 years now. Victor supplies textiles to office seating and panel manufacturers as well as jobbers in North America. Victor also provides a complete range of seating and panel fabrics to architects and designers in Canada.
Eco Intelligence® Initiatives, is Victor's sustainable textiles program utilizing recyclable polyester yarns.
Victor says it operates mills in several Canadian locations, a service-and-warehouse facility in Grand Rapids, Michigan, and a design studio in New York.
This company was founded in 1947 by Alain Duval's grandfather as a producer of wool fabrics, and the family-owned Victor has been serving the North American contract furniture industry since 1980.
In other developments, Elkin McCallum was also successful in purchasing not only the assets of Texel, a yarn producer in Mexico but also the intellectual assets of Mastercraft Corp. Some insiders speculate that McCallum will eventually produce a Mastercraft fabric line in Mexico, but this is pure speculation at this point.
Alain Duval, Victor Innovatex owner, participated in the bidding and while not successful, caused the winning bidder several million dollars by bidding up the final price, observers said. Other active participants in the auction were representatives of Weave, ITG and Tietex. Valdese as previously reported was the successful bidder.
Regarding Duval's bidding attempt for the Joan assets, insiders felt he is now trying to get into the residential fabrics business after successfully operating in the contract sphere for 27 years now. Victor supplies textiles to office seating and panel manufacturers as well as jobbers in North America. Victor also provides a complete range of seating and panel fabrics to architects and designers in Canada.
Eco Intelligence® Initiatives, is Victor's sustainable textiles program utilizing recyclable polyester yarns.
Victor says it operates mills in several Canadian locations, a service-and-warehouse facility in Grand Rapids, Michigan, and a design studio in New York.
This company was founded in 1947 by Alain Duval's grandfather as a producer of wool fabrics, and the family-owned Victor has been serving the North American contract furniture industry since 1980.
