For Immediate Release
ELK GROUP INTERNATIONAL ACQUIRES STEIN WORLD – THE LEADER IN ACCENT FURNITURE
Tamaqua, PA – August 3rd, 2016 – ELK Group International is pleased to announce the purchase of Memphis, Tennessee-based Stein World, one of the largest suppliers of accent and occasional furniture in North America. The move, which unites the resources of two industry-leading home décor companies, further expands the variety of furniture categories and price points within ELK’s already substantial catalog of premium lighting, furniture and decorative accessories.
“The appreciable scale created by this partnership, together with our existing brands, earns us the distinction of being one of the largest suppliers of home furnishings in the industry,” stated Bradford Smith, CEO of ELK Group. This means even greater product selection and money saving benefits for our customers, firmly moving us in the direction of our goal to become the most competitive line of products among our client base.”
This is perhaps the most significant acquisition thus far by ELK, whose ‘Whole Home Solutions’ credo has driven the purchase of a diverse range of home décor brands over the past few years. Known for its growing suite of innovative, award winning and design-driven products, ELK now boasts roughly 15,000 stocking skus across multiple home décor categories -all serviced by one company.
“The combined organizational strength of design sourcing and logistics will bring the best of everything to our customers”, said Dan Masters, President of Stein World. “ELK and Stein World together can leverage their purchasing power to provide an even greater value to the marketplace, creating a tremendous single source for retailers.”
ELK Group has completed over 15 home furnishing acquisitions in the last 5 years, with each brand acquired providing a specific strategic differentiator. In the case of Stein World, ELK will retain several key resources; talented personnel that bring vast industry expertise and relationships to the combined company. In addition, Stein World’s value-oriented furniture pricing, coupled with their quality- driven designs, adds a fresh infusion of available product options to the existing customer base of both companies, speaking to ELK’s ‘single source provider’ brand motto. ELK will also maintain Stein World’s operations in Memphis, TN, further expanding their distribution network.
Established in 1985, Stein World has a rich history as one of the leading pioneers in the furniture industry, offering handcrafted furnishings featuring one-of-a-kind finishes, hand-painted detailing and exquisite hardware in styles ranging from classic to contemporary, cottage to urban, and everything in between. For the Fall and Winter tradeshows, Stein World will unveil their 2016 product release in their showrooms at High Point (IHFC, W447), the Las Vegas Market (Building A, Suites 344/346) and Tupelo (Building 6, Suite 6018 i).
ELK Group International, headquartered in Nesquehoning, PA, is a premier designer and importer of indoor and outdoor residential, designer and commercial lighting fixtures, decorative accessories and furniture. Through their vast distribution network, they function as a single source provider for a variety of complimentary furnishing categories. Their award winning team of international designers and engineers create coordinating products with uncompromising detail while ensuring each item is crafted to exceptionally high standards of quality, innovation and design. Founded in 1983, the company distributes over 15,000 products under ELK Lighting, Landmark Lighting, Alico, Nulco, Artistic, Cornerstone, Dimond Lighting, Stein World, Lazy Susan, Dimond Home, GuildMaster, Sterling, BaileyStreet, Lamp Works, Pomeroy, Mirror Masters and ELK Hospitality. Products are available at a network of lighting and furniture showrooms, electrical wholesale distributors, department stores and specialty home improvement companies throughout the world.