FOR IMMEDIATE RELEASE
CONTACT: RICK LEWIS (336) 878-5583
Bacova Guild, Ltd. Acquires Rug Business from Lacey Mills, Inc.
(Rocky Mount, Virginia, April 29, 2005) – Ronile, Inc. announced today its wholly owned subsidiary, Bacova Guild, Ltd., acquired the Lacey Mills bath and accent rug business.
Lacey is a well known producer of distinctive bath and accent rugs sold in leading department and specialty stores. Lacey holds the license from Polo Ralph Lauren Corporation and Ralph Lauren Home Collection, Inc. to make bath rugs under the Lauren Ralph Lauren® trademark. Lacey’s sale to Bacova is effective May 1, 2005.
Charlie Bowers, President of Bacova, says, “The Lacey business is a strong strategic fit to our existing businesses. It provides Bacova with a compelling market basket of products for retailers who are interested in fashion and product innovation. Our future gets brighter as we add to our structure businesses that work together and make us more important to the overall market. It is our intent to build on the tradition that Lacey fostered over many years.”
Phillip C. Essig, Chief Executive Officer of Ronile, stated, “This is a continuation of our long term strategy to build on the Bacova brand platform with product categories that emphasize style, design and quality. We believe that consumers desire beautiful, well-made products for their homes. We are here to meet that market need.”
Bacova will continue to operate the Lacey manufacturing plant in Cartersville, Georgia. It will distribute products from its new state-of-art distribution center in Low Moor, Virginia.
Founded in 1957, Bacova is one of the country’s largest and most innovative producers and marketers of accent rugs, room size rugs, floor mats, and bath ensembles. Ronile, Inc., headquarted in Rocky Mount, Virginia, is a diversified textile and home furnishings company, with 1400 employees and operations in Virginia, North Carolina, Georgia and New York.
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