MIAMI & NEW YORK—Berkley Capital, the private equity investment vehicle of W. R. Berkley Corporation, today announced that it has acquired a majority interest in Chilewich (Chilewich | Sultan LLC), the beloved textile products brand that puts original design at the forefront. The company, founded in 2000 by designer and veteran entrepreneur Sandy Chilewich, has grown from a pioneer of placemats to a global provider of textile products to the home furnishings, contract, hospitality, and transportation markets. Architect Joe Sultan joined the company as CEO in 2001. The investment will help fuel Chilewich’s commitment to launch design-led innovations; inspire consumers and designers to choose beautiful, durable, made-tolast products through best-in-class brand marketing; and expand the company’s national and global reach.
“More than twenty years ago, I saw unlimited opportunities for weaving with extruded yarns. I was certain not only that this humble material could be made beautiful but also that it was able to last a lifetime,” said Sandy Chilewich, Founder and Creative Director of Chilewich. “Today you can find our products in more than one hundred countries, and many of our first customers report that their placemats are still going strong. We’re thrilled to be embarking upon this next chapter with Berkley Capital. Their proven experience will be critical as the business accelerates growth going forward.”
“As we look toward the future, our goal was to find a partner who recognized the true value of our brand and the successful business we’ve built from scratch, and that is Berkley Capital,” said Joe Sultan, Chilewich CEO. “We are very much looking forward to this exciting and expansive new chapter for the company while staying true to our commitment to original design and American craftsmanship.”
“We chose to partner with Chilewich because of its design leadership, unparalleled product performance, and strong brand recognition across markets,” said Berkley Capital President Frank Medici. “We’re proud to support the continued expansion of this rapidly growing business, with capital as well as with our experience in supporting growth-oriented companies.”
Adds Berkley Managing Director Thomas Ghegan, “Sandy, Joe, and the rest of the talented leadership have built a company that is synonymous with original design and proven performance. We are excited to work with this innovation-oriented team, which is committed to realizing the tremendous potential for the Chilewich brand and its unrivaled products.”
Berkley Capital will become the majority owner of Chilewich, and Sandy Chilewich and Joe Sultan will retain minority ownership as they continue on with the company in advisory roles across design, research, development, and manufacturing.
John Edelman, former CEO of Design Within Reach, will join the Board of Chilewich, which will include Berkley Capital President Frank Medici and Managing Director Thomas Ghegan along with Sandy Chilewich and Joe Sultan.
Chilewich will continue to be headquartered in New York City, where it also operates two retail stores, and maintain operations at its 127,500-square-foot manufacturing facility and warehouse in Chatsworth, Georgia.
The Sage Group initiated the transaction and served as exclusive financial advisor to Chilewich. Troutman Pepper was legal advisor to Chilewich. Terms of the transaction were not disclosed.
About Chilewich
Chilewich brings depth to surfaces. Founded in 2000 by Sandy Chilewich and headquartered in New York City, the design-led company produces a broad range of durable, distinctive textiles for residential, commercial, and transportation applications. Chilewich’s woven coverings for tabletops, floors, walls, windows, and more are made entirely in the United States, and the company has its own factory in Chatsworth, Georgia. Available in more than 100 countries, Chilewich products combine innovative weaves and multi-tonal colors with extraordinary durability, indoor/outdoor versatility, and easy maintenance. Seven Chilewich designs are in the permanent collection of the Cooper Hewitt, Smithsonian Design Museum. Learn more at chilewich.com.
Contact
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