Thursday, March 5, 2015

Closet & Storage Concepts buys More Space Place

West Berlin, NJ firm boosts national Murphy bed outlets

Closet & Storage Concepts buys More Space Place

Bob Lewis' Closet & Storage Concepts, West Berlin, NJ, which manufactures folding Murphy beds, closets and garage organizers, says it has bought More Space Place, a Clearwater, Fla., company that is a leading retailer of Murphy beds and other folding beds. Lewis won't say what he's paying.

The combined companies will have sales of $40 million a year, 400 employees (including 50 at the corporate office and company store in West Berlin), and 39 stores, according to a statement by Lewis, who founded Closet & Storage Concepts in 1987. The company franchised 8 stores and owned 3, in a total of 9 states, prior to the More Space Place deal. More Space Place has 28 franchise stores in 10 states scattered across the country, mostly smaller than Closet & Storage Concepts, Lewis told me.

"We run the business as a home-improvement, free-estimate process business," Lewis added. "Business is growing, coming out of the recession. We're seeing a lot of pent-up demand. We had a double-digit sales increase logged in with our company even before this deal." He started the company four years after finishing the University of Maryland and moving to South Jersey as a rep for the former Jefferson Ward merchandising business, where he met his future wife. Their grown kids aren't in the business.

Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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