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A N N O U N
C E M E N T
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| FITZ AND FLOYD, INC. | |
| Acquired with Management in April 1997; Sold to Management in August 1999 | |
| BUSINESS | |
| Fitz and Floyd is a leading marketer of uniquely designed gifts and decorative home accents. The company sells to prestige department stores and independent gift and collectibles retailers. The Fitz and Floyd brand name is recognized by retailers and consumers for superior design and product quality. | |
| INDUSTRY | |
| The gift, tabletop, home fragrance and collectibles industries represent more than $20 billion in annual retail sales. The industry is driven by occasion related and decorative home purchases. The giftware industry is highly fragmented with thousands of companies engaged in marketing giftware to over 250,000 independent retailers, department stores and collectibles dealers. Fitz and FloydÕs unique design and manufacturing capabilities, strong retail and consumer franchise, provide a competitive advantage and strong platform for future growth. | |
| MANAGEMENT | |
| The management team is professional, capable and experienced in the giftware, tableware, home fragrance and collectibles industries and as owners of Fitz and Floyd, remain focused and dedicated to Fitz and FloydÕs long term, growth and profit strategies. Fitz and FloydÕs top managers have in excess of 100 years of industry experience and more than 50 years with the company. | |
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PRODUCTS |
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Fitz and Floyd markets a wide variety of everyday, seasonal, and collectibles products designed and developed by Fitz and FloydÕs in-house product development team and purchased through the companyÕs in-house capabilities in the United States and Japan in conjunction with its contract manufacturerÕs, located primarily in Asia. These innate skills assure both unique, proprietary designs as well as quality products at the right cost. Fitz and Floyd products are principally marketed in the United States and Canada and have a growing international interest. |
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| OPERATIONS | |
| Fitz and Floyd is managed by a new state-of-the-art computer system that provides fully integrated logistics and inventory management information. Fitz and FloydÕs selling force is comprised of 177 independent collectible reps and a gift, tabletop and decorative accents sales organization of 20 independent reps and 22 company employed district sales managers. Fitz and Floyd operates from a new 160,000 sq. ft. headquarters, warehouse and distribution center in Dallas and has offices for design, product development, and sourcing in Japan, Taiwan and China. | |
| EMPLOYEES | |
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Fitz and Floyd has approximately 130 full-time, non-union employees with a history of excellent labor relations and long-term loyalty to the Fitz and Floyd brand. |
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| FINANCING | |
| Senior financing facility provided by Fleet Capital Corporation, Atlanta, Georgia. |
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Flintlock/Faroy |
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Changing Paradigms, Inc. |
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Fitz And Floyd, Inc. | ||
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