Glen Raven, Inc. Announces Intent to Acquire The Astrup Company and John Boyle & Company

Furniture World Magazine

Glen Raven, Inc., a global provider of performance fabrics, is continuing to pursue a growth and innovation strategy with the announcement of plans to purchase The Astrup Company and John Boyle & Company. This newly-formed alliance will create opportunities for growth and enhanced channel efficiency. “Glen Raven remains committed to growing and supporting the industrial fabric industry,” said Allen E. Gant, Jr., president of Glen Raven. “Merging Glen Raven’s resources with those of Boyle and Astrup will create a stronger, more diversified organization that is capable of providing enhanced value throughout the entire supply chain. This strategic initiative will allow us to grow each of the markets we serve by working more directly with our customers.” Glen Raven has signed letters of intent to purchase The Astrup Company and John Boyle & Company, subject to due diligence and approval by the boards of directors of the privately held companies. Astrup and Boyle are among the nation’s largest distributors of fabrics, hardware and finishing supplies for the awning, marine and casual furniture industries. Included in Boyle and Astrup product lines are performance fabrics made by Glen Raven, including its market-leading Sunbrella® brand. “The Astrup Company and Glen Raven have been business partners for more than 100 years and share similar histories of growth and innovation,” said John Kirk, chairman and CEO of Astrup. “Given our long history as business partners and our shared values, we could not find a better organization than Glen Raven to purchase our company and continue our traditions of service and quality.” John Boyle Bell, Jr., chairman of John Boyle & Company, also noted similar histories among the three companies. “The parallels among our companies will serve to make this a very successful venture,” Bell said. “All three companies were founded in the middle to late 1800s, and we have been business partners with Glen Raven for more than 100 of those years. All three remain family-owned by our founders’ descendents, and we all serve the same market segments. By combining our resources, we will be in an ideal position to offer our customers continual innovations in products and services.” Gant said the new alliances will provide long-term benefits to the performance fabric industry and to customers of each company. “Timing is ideal for the merger of our companies,” Gant said. “Today’s global markets demand innovative products, efficient supply chains, close working relationships with customers and strong consumer brands. We can achieve all of this and more by joining forces with the talented people at Boyle and Astrup.” The Astrup Company was founded as a sail loft in Cleveland, Ohio in 1876 by William J.O. Astrup, a sail maker who emigrated from Denmark. Today, Astrup is a leading supplier of materials used in the manufacture of awnings, signs, tents, outdoor furniture and umbrellas, marine products (tops and covers) and associated fabric products for residential, commercial and architectural applications. Having celebrated its 130th anniversary during 2006, Astrup markets its products and services through 14 strategically located distribution centers throughout North America. On the Web at www.astrup.com. John Boyle & Company was founded in 1860 by John Boyle as a sail loft in Brooklyn, N.Y. With corporate offices in Statesville, N.C., Boyle today is a leading manufacturer and distributor of materials used for awnings, signage, tents, marine, military, geo textile and other outdoor and recreational applications. With more than 300,000 square feet of manufacturing, administration and distribution space, Boyle offers extensive capabilities in knitting, coating and laminating. On the web at www.johnboyle.com. Glen Raven was founded in 1880 by John Q. Gant and remains a privately held, family-owned business. Glen Raven, headquartered in Glen Raven, N.C., markets performance fabrics in more than 100 countries worldwide, including its two leading brands, Sunbrella® and Dickson®. Glen Raven Custom Fabrics, LLC provides performance fabrics for awnings, marine and furniture, while Glen Raven Technical Fabrics, LLC provides performance fabrics for automotive, military, outdoor and protective work apparel markets. Glen Raven has marketing, product development, sourcing and manufacturing facilities in North America, Europe and Asia. On the Web at www.glenraven.com.