Rich­mond-based Ever­green adds Bam­beco to prod­uct line

Richmond Times-Dispatch - - BUSINESS - BY TAM­MIE SMITH TLSmith@times­dis­patch.com (804) 649-6572

Rich­mond-based Ever­green En­ter­prises Inc. has ac­quired a Bal­ti­more com­pany known for its eco-friendly fur­ni­ture, rugs, din­ner­ware and other home decor prod­ucts.

Ever­green En­ter­prises, which makes and dis­trib­utes home decor prod­ucts, bought Bam­beco Inc. in a deal that closed in late Oc­to­ber. Fi­nan­cial de­tails of the sale were not dis­closed.

“Bam­beco’s prod­ucts and val­ues have global ap­peal and will ex­pand our of­fer­ing of high-qual­ity home decor items,” said Ting Xu, Ever­green’s founder and chair­woman, in a state­ment. “Fur­ther­more, this ac­qui­si­tion demon­strates Ever­green’s con­tin­ued com­mit­ment to sus­tain­abil­ity and mak­ing a so­cial im­pact.”

The ac­qui­si­tion is the most re­cent for the com­pany Xu and her husband, Frank Qiu, founded in South Rich­mond in 1993, ini­tially mak­ing dec­o­ra­tive gar­den flags.

In 2009, Ever­green bought Plow & Hearth, a home goods re­tailer based in Madi­son, Wis., that added the chain’s net­work of re­tail stores as dis­tri­bu­tion points. In 2014, it ac­quired an­other eco-friendly com­pany, Vi­vaTerra, a high­end home decor cat­a­log and on­line busi­ness.

The Plow & Hearth sub­sidiary in May 2016 ac­quired Chil­dren’s Wear Di­gest Inc., ex­pand­ing Ever­green’s chil­dren’s wear of­fer­ings.

Fast-grow­ing Bam­beco has prod­ucts in about 1,600 re­tail lo­ca­tions, in­clud­ing Costco, Whole Foods, To­tal Wine and Home De­pot, plus ho­tels and restau­rants, ac­cord­ing to doc­u­ments posted on­line by Gerb­s­man Part­ners, which was re­tained by Bam­beco to so­licit buy­ers for the com­pany.

Bam­beco’s net rev­enue since its in­cep­tion in 2009 is $20.4 mil­lion.

“We have ad­mired the Bam­beco brand for a while and were fa­mil­iar with them as an in­dus­try com­peti­tor,” said Chris Wornom, Ever­green’s di­rec­tor of busi­ness de­vel­op­ment and ac­qui­si­tions. “Af­ter they hired Gerb­s­man Part­ners to as­sist with the sale, we jumped at the op­por­tu­nity.”

Com­bin­ing Bam­beco and Vi­vaTerra could dou­ble the com­pany’s so­cially con­scious prod­uct of­fer­ings and cre­ate a lead­er­ship po­si­tion in this niche mar­ket, Wornom said.

The ac­qui­si­tion in­cludes Bam­beco’s in­ven­tory and other tan­gi­ble as­sets, cus­tomer lists and as­so­ci­ated data, do­mains, trade­marks, copy­rights, patents and other in­tel­lec­tual prop­erty, tech­nol­ogy and soft­ware.

Bam­beco founder Su­san Aplin joined Ever­green and is lead­ing Bam­beco’s op­er­a­tions and mer­chan­dis­ing strat­egy.

“We will con­tinue to of­fer the same high-qual­ity, ecofriendly mer­chan­dise our cus­tomers love and value while lever­ag­ing Ever­green’s mar­ket­ing and op­er­a­tional ex­per­tise to strengthen the busi­ness,” she said in a state­ment.

Ever­green En­ter­prises has more than a dozen brands, in­clud­ing the afore­men­tioned and oth­ers such as b. Bou­tique, Ever­green Gar­den, Cy­press Home, Team Sports Amer­ica and Cape Crafts­men.

The Bam­beco brand will con­tinue and will ben­e­fit from Ever­green’s scale and dis­tri­bu­tion ca­pa­bil­i­ties, Wornom said.

Ever­green En­ter­prises in 2016 em­ployed about 1,300 peo­ple in the U.S. and else­where and in 2015 gen­er­ated to­tal an­nual rev­enue of about $310 mil­lion.

2016, TIMES-DIS­PATCH

“Bam­beco’s prod­ucts and val­ues have global ap­peal,” said Ting Xu, Ever­green’s founder.

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