Kahan family buys decorative fabric maker Covington
Tracy Bulla -- Home Accents Today, March 28, 2008
New York – The assets of decorative fabric supplier Covington Holdings LLC, including the Covington name, have been purchased by the Kahan family.
Members of the Kahan family have long been active in the fabric business, operating Osgood Textile Co. in West Springfield, Mass., a large retailer of decorative and apparel fabrics.
The retailer was started in 1948 by the late Herb Kahan, father of Robert Kahan who today heads the retailer. Herb Kahan’s son, Mark S. Kahan will become chairman of the new entity, which will be known as Covington Fabric & Design LLC. Mayer Kahan, Robert’s son and Mark’s nephew, becomes evp.
Roger Gilmartin, one of the owning partners in CH LLC, will remain with the company as president and ceo. Gilmartin said, “I think the industry knows that I have been searching for a strategic investor for Covington for some time. I am excited by the opportunity that this transaction will create for all the constituents in our business and I look forward to becoming a textile guy again after two years of dealing with bankers and lawyers.”
Gilmartin noted, “The whole team will be the same, and we will be at furniture market in High Point and we have a new line in the pipeline for introduction at Showtime in June.” In the next few months, he added, “We will be introducing members of the family to key customers and to key vendors around the world.”
Gilmartin, with other investors, bought Covington from the founding Gilmore family in January 2006. The company was founded in 1940 and grew to be one of the largest decorative fabrics converters in the marketplace. In October 2007, Covington was refinanced.
Mark Kahan commented, “My family have known and been a customer of Covington for over 40 years. We were very excited when the opportunity to acquire a business with Covington’s name and reputation became available.”
He added, “We know that the last few years have been difficult for the company, but the underlying fundamentals of the business are strong with loyal customers, vendors and associates, and we believe that properly funded, the company can continue to be a major player in the home furnishings market.”