From Home Furnishing Business
Flex Group Completes Acquisition of E.S. Kluft
The Flex Group of Spain has completed its acquisition of high-end bedding producer E.S. Kluft & Co., producer of luxury brands Kluft and Aireloom.
Flex Group is among the world’s largest mattress producers.
As part of the acquisition, Earl Kluft, founder of E.S. Kluft, becomes the company’s brand ambassador. In his new position, he reports to Rafael González, chairman and CEO of Flex Group. Kluft will help incorporate his design style to other Flex Group brands.
“The acquisition of E.S. Kluft, along with Vi-Spring establishes Flex as the world leader in luxury sleep products,” González said. “The transaction was particularly important for us as the majority of the world’s high-net-worth consumers reside in North America and we needed a stronger presence in the market. We have been working with Earl for several years now and respect the quality, high standards and continuity of customer relationships that has helped accelerate our growth and prestige in the American market.”
David Binke has been named CEO for the company. Binke was previously vice president of North American sales for E.S. Kluft. Prior to joining the company three years ago, Binke was executive vice president of sales for King Koil.
Flex Group retained the senior management team from E.S. Kluft. The team includes David Long, formerly of Simmons and original member of the Kluft team who will head product development and marketing; Howard Galant and Chad Megard who lead sales on the western and eastern halves of the country, respectively; Ron Bruneau, will continue to serve as executive vice president of operations; and Alan Docherty is chief financial officer.
The Flex Group was founded in 1912 and currently owns seven manufacturing companies with nine factories and three retail chains with 115 stores in seven countries.
“Through the development of the Kluft and Aireloom brands over the past decade, we showcased the impact American craftsmanship could have on our industry. We provided consumers with a spectacular sleep experience while giving retailers the opportunity to increase margin and the perception of their businesses with their customers,” Kluft said. “I had always admired English luxury beds, particularly Vi-Spring, and was excited to join forces with them under the Flex umbrella. I look forward to my new role working with the senior leadership team to design innovative new product and expand the definition of luxury throughout the world.”