Gilmartin Seals the Deal
February 3, 2006
NEW YORK, New York -- Abby Gilmore and Roger Gilmartin have announced that the sale of the assets of Covington to a group of investors lead by Gilmartin and the Atlanta based private equity holding company, SouthPointe Ventures, LLC has been completed.
''Today is the beginning of a new era for the company my father, Benjamin Gilmore, founded 65 years ago,'' Abby Gilmore said. ''The Gilmore family and I are very happy that Roger will continue to lead the excellent and dedicated staff in the new company and we extend our best wishes for the future.''
Covington was founded in 1940 and has grown into one of the world's leading textile converters of fabrics for the home, retail, hospitality and other commercial markets. The company has offices and showrooms in NYC, High Point, Dallas and Los Angeles.
''We are obviously pleased that the transition from Gilmore family ownership and our move into our new headquarters have both been successfully completed. Now we can all get back to focusing on our day to day business and the wonderful opportunities that it offers us and our customers,'' said Gilmartin.
Then executive vice president and COO, Gilmartin executed a letter of intent Tuesday, Oct. 18, 2005, acquiring the assets of the company from the Gilmore family.
Gilmartin will now become president and CEO.
''SouthPointe will be a great partner for Covington because they share our long term commitment to our customers, our associates and our vision for the future of this company,'' he said.
''We are delighted to be partners with Roger, and strongly believe that Roger and his team understand the New World order for textiles and how to take advantage of the exciting opportunities for Covington,'' said Ed Fisher, SouthPointe's managing partner.
''Covington is a great brand, a leader in its industry, with a very strong team and we are thrilled to add them to the portfolio of companies in which we have invested.''
''Today is the beginning of a new era for the company my father, Benjamin Gilmore, founded 65 years ago,'' Abby Gilmore said. ''The Gilmore family and I are very happy that Roger will continue to lead the excellent and dedicated staff in the new company and we extend our best wishes for the future.''
Covington was founded in 1940 and has grown into one of the world's leading textile converters of fabrics for the home, retail, hospitality and other commercial markets. The company has offices and showrooms in NYC, High Point, Dallas and Los Angeles.
''We are obviously pleased that the transition from Gilmore family ownership and our move into our new headquarters have both been successfully completed. Now we can all get back to focusing on our day to day business and the wonderful opportunities that it offers us and our customers,'' said Gilmartin.
Then executive vice president and COO, Gilmartin executed a letter of intent Tuesday, Oct. 18, 2005, acquiring the assets of the company from the Gilmore family.
Gilmartin will now become president and CEO.
''SouthPointe will be a great partner for Covington because they share our long term commitment to our customers, our associates and our vision for the future of this company,'' he said.
''We are delighted to be partners with Roger, and strongly believe that Roger and his team understand the New World order for textiles and how to take advantage of the exciting opportunities for Covington,'' said Ed Fisher, SouthPointe's managing partner.
''Covington is a great brand, a leader in its industry, with a very strong team and we are thrilled to add them to the portfolio of companies in which we have invested.''
