Richmond-based Evergreen adds Bambeco to product line
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.
“Bambeco’s products and values have global appeal,” said Ting Xu, Evergreen’s founder.