GLEN RAVEN, NC—Glen Raven Mills Inc., a global textile manufacturer, has acquired its longtime co-branding and jacquard upholstery marketing partner Sunbury Mills.
With the acquisition, Glen Raven also acquires several Sunbury licensed brands including Crypton,® and Nanotex Asure.
Even before the closing date for the deal was announced the Sunbury Mills website said it is “now the newest member of the Glen Raven family.”
Sunbury, founded in 1954, was sold several times over the last 30 years–once to Masco Home Furnishings, a defunct conglomerate and then bought back by the Truslows, the Sunbury founding family and other partners– and then resold again in an ESOP to its employees and now again to Glen Raven. Sunbury has been the licensing partner to Glen Raven for the production of jacquard fabrics with the Sunbrella® brand for over 22 years. Sunbury also produces its regular lines of woven fabrics for jobbers and furniture manufacturers in Sunbury, PA. Glen Raven produces Sunbrella plains, plaids and stripes for upholstery, marine and awnings.
Under the sale terms, Sunbury becomes a wholly owned subsidiary of Glen Raven Custom Fabrics LLC, the makers of Sunbrella fabrics. David Swers is President and COO of Glen Raven Custom Fabrics LLC while Hank Truslow Jr. is CEO of Sunbury Textile Mills. Neither party could be reached for comment. Other officials at Glen Raven also could not be reached for further comment.
Prior to the sale, the Glen Raven website already incorporated the Sunbury locations in Sunbury, PA as well as the sales and marketing offices in New York so the actual acquisition date seemed to be a fore-drawn conclusion and merely a formality between very good friends.
The agreed upon purchase price between the two privately held companies was not disclosed but estimates of Sunbury sales are in the $25+ million range.
Even though Sunbury is an employee-owned company, management had the right to sell the company without employee approval. One former employee commented: “I wish I had kept my ESOP shares.” For sure, it’s another big payday for the Truslows and all of their employees.