Kahan Family Buys Covington
March 28, 2008
NEW YORK, New York - The assets of decorative fabric supplier Covington Holdings LLC were officially purchased by members of the Kahan family on Monday, March 24th. It will continue to run as Covington Fabric & Design LLC.
A family with deep roots in the textile industry, the Kahans are anticipated to make a smooth transition into Covington. The company's new chairman, Mark Kahan, comes from the family-own Osgood Textile Company that is run by his brother, Robert Kahan. Robert's son, Mayer Kahan, now takes a seat at Covington as executive vice president. More Kahan relations will sit on the board at Covington as well.
Roger Gilmartin, former owner of Covington, now remains at the company as president and chief executive officer. He will report directly to Mark Kahan and the company board. Mayer, he says, will be his "right-hand man." "The chairman will be active in the business in the sense that I will be talking to him on a regular basis, and he's planning on spending at least one day a week in the business," said Gilmartin. "And Mayer will be with us every day. He's been helping his father to run the Osgood business and now he's leaving to help run Covington."
"The team is still the same," said Gilmartin. "The senior managers, the vice presidents, everybody, they're here. The only thing that is different is that Monday they worked for Covington Holdings LLC, and Tuesday they worked for Covington Fabric & Design LLC." According to Gilmartin, the company will now be properly funded under new ownership and that will allow it to remain an important player in the home furnishings market. "We had no money," he said. "The Kahans have provided the funds for working capital for the business."
This year, Covington will show its newest product lines at Proposte as well as Decosit in Brussels. They will show a combination of new prints and wovens that "will all work together beautifully."
Covington Industries has been a chief exporter in the U.S. textile industry for over 50 years. The "one-stop shop" company includes the brands Covington Fabrics, Covington Industries Contract, Covington Upholstery Fabrics, Covington International Sales, and Covington Industries Specialty Fabrics.
Osgood Textile Company is a family business that was started in 1948 and has since gone on to stock more than two million yards of fabric and fill orders from one to five thousand yards at a time.
"There is no linkage between the two businesses. They will remain entirely separated and work autonomously. Hopefully Osgood will still remain a customer. Hopefully they will be motivated to buy more [from Covington]," said Gilmartin.
A family with deep roots in the textile industry, the Kahans are anticipated to make a smooth transition into Covington. The company's new chairman, Mark Kahan, comes from the family-own Osgood Textile Company that is run by his brother, Robert Kahan. Robert's son, Mayer Kahan, now takes a seat at Covington as executive vice president. More Kahan relations will sit on the board at Covington as well.
Roger Gilmartin, former owner of Covington, now remains at the company as president and chief executive officer. He will report directly to Mark Kahan and the company board. Mayer, he says, will be his "right-hand man." "The chairman will be active in the business in the sense that I will be talking to him on a regular basis, and he's planning on spending at least one day a week in the business," said Gilmartin. "And Mayer will be with us every day. He's been helping his father to run the Osgood business and now he's leaving to help run Covington."
"The team is still the same," said Gilmartin. "The senior managers, the vice presidents, everybody, they're here. The only thing that is different is that Monday they worked for Covington Holdings LLC, and Tuesday they worked for Covington Fabric & Design LLC." According to Gilmartin, the company will now be properly funded under new ownership and that will allow it to remain an important player in the home furnishings market. "We had no money," he said. "The Kahans have provided the funds for working capital for the business."
This year, Covington will show its newest product lines at Proposte as well as Decosit in Brussels. They will show a combination of new prints and wovens that "will all work together beautifully."
Covington Industries has been a chief exporter in the U.S. textile industry for over 50 years. The "one-stop shop" company includes the brands Covington Fabrics, Covington Industries Contract, Covington Upholstery Fabrics, Covington International Sales, and Covington Industries Specialty Fabrics.
Osgood Textile Company is a family business that was started in 1948 and has since gone on to stock more than two million yards of fabric and fill orders from one to five thousand yards at a time.
"There is no linkage between the two businesses. They will remain entirely separated and work autonomously. Hopefully Osgood will still remain a customer. Hopefully they will be motivated to buy more [from Covington]," said Gilmartin.
