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Glen Raven buys John Boyle & Astrup Comp
23
Jan '08
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."


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