Pro Towels To Acquire Kanata Blanket
Financial Terms Were Not Disclosed
Pittsburgh-based supplier Pro Towels (asi/79750) has acquired supplier Kanata Blanket Company (asi/63823), the firms have announced. Financial terms of the deal, made public today, were not disclosed. The purchase will be effective in August.
“The addition of Kanata Blanket Company enables Pro Towels to become an even more diverse line, complementing our existing products perfectly and offering us an even greater presence in the fourth-quarter gift giving season,” said Kevin Nord, president of Pro Towels. “We are now truly a company for all seasons.”
Following the deal, both the Pro Towels and Kanata brands will be maintained, the companies said. According to a press statement, Fraser Mackay will continue to oversee Kanata Blanket Company in Canada as executive vice president, with no changes in operating direction planned as part of the sale. Brian Porter will expand his role as vice president of sales to cover both the U.S. and Canadian markets.
“By combining our operational capabilities, product lines and geographic footprints, we will be able to provide excellence in every way to our distributor customers,” said Mackay. “This will be enhanced by east and west coast USA distribution for faster lead-times, and the Kanata facility in Canada offering the best-selling towels from Pro Towels to the Canadian market.”