Sunday, August 2, 2015

Bed Bath & Beyond buys Gibbsboro's Linen Holdings for $105 million

The operator of 1,173 stores paid cash for the privately held Linen Holdings, a distributor of linens and other textiles to the hospitality, food services and other industries.

Bed Bath & Beyond buys Gibbsboro's Linen Holdings for $105 million

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Bed Bath & Beyond Inc. has acquired a privately held linens distributor based in Gibbsboro in an all-cash transaction worth $105 million announced Friday after the stock market had closed.

Linen Holdings L.L.C. is a distributor of linens and other textile products to various industries, including hospitality, food service, health care and cruise lines. The Camden County firm, which has an office in Miami, employs less than 200 people.

In a statement, Bed Bath & Beyond CEO Steven H. Temares said: "We are very excited to add the talented Linen Holdings team members and their sourcing and sales expertise to our existing operations."

The Union, N.J. chain of 1,173 stores said the transaction was completed after its first quarter ended on May 26 and the acquisition would not have a "material effect" on Bed Bath's results for fiscal 2012.

Shares of Bed Bath, which had revenues of $9.5 billion for its most recent fiscal year, closed Friday at $70.78, down $1.47 or 2 percent.

Inquirer Columnist
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About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

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