Indo Count Industries Ltd, a global bed linen player, on Monday said its US-based subsidiary has acquired Fluvitex USA, Inc, a part of Masias Invest SL -- a Spanish textile machinery firm.
The company did not disclose the transaction value.
Terming the acquisition as a 'strategic move', Indo Count Industries in a statement said it will strengthen and grow its utility bedding segment.
Indo Count Global, Inc., a 100% US-based subsidiary of Indo Count, has signed a definitive agreement for acquiring an 81% stake of Fluvitex USA, Inc from its promoter shareholder Masias Invest, SL.
This is with an option to purchase the remaining 19% stake within the next five years by Sept. 30, 2029, it added.
"The acquisition is funded by internal accruals and debt," the statement said.
Fluvitex is a pillow and quilt manufacturing company based in Columbus, Ohio, with an annual production capacity of 5 million pillows of different types and 1.5 million quilts.
Fluvitex's strategic location allows efficient distribution across the USA and Canada with a revenue potential of $50 million plus, according to the firm.
Indo Count's Executive Vice Chairman Mohit Jain said the acquisition has enabled the company to offer a diverse range of bed linen products, including pillows, quilts, decorative pillows and other fashion-filled products to the large North American market.
"Acquiring Fluvitex is a critical move as it allows Indo Count to establish a fully integrated utility bedding business in the USA. Fluvitex's state-of-the-art manufacturing facility and its strategic location will significantly enhance our ability to serve North American customers with a broader product range," he said.
In April this year, Indo Count Industries had announced that its US-based subsidiary has acquired the global home textile brand Wamsutta from Beyond Inc in an all-cash deal of USD 10.25 million.
Indo Count Industries Ltd. is a global manufacturer of home textile bed linen.
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