FOR IMMEDIATE RELEASE
ANCHOR INDUSTRIES INC. ACQUIRES ECONOMY TENT INTERNATIONAL
Anchor Industries Inc., the leading U.S. manufacturer of tenting solutions for the Special Events industry announces the acquisition of Economy Tent International, a Miami based provider of 10’ to 40’ wide frame tents with a strong reputation for quality and value that is attested to by its nearly $6 million in revenues from a customer base in the northeast and southeast U.S., the Caribbean and Latin America.
Anchor and Economy have built their respective successes by serving different customer needs in the tent market. Anchor delivers the broadest selection of tent styles and sizes that have earned their legendary reputation for unparalleled quality through decades of service to demanding customers who need tailored tent solutions. This level of partnership goes beyond responsiveness to help improve their actual business methods. Economy Tent has built a sterling reputation by delivering a targeted set of frame tents to the price sensitive buyer that prizes efficiency in delivery and installation yet is unwilling to compromise on the quality of their tents.
“This stressed and uncertain economic environment has brought focus to the needs of rental companies that are just starting out or are involved in lower-margin fiercely competitive events like fairs, festivals and other events,” says Anchor CEO Pete Mogavero. “We are excited that our financial strength has allowed us to seize this opportunity to purchase a strong, profitable and highly productive company that will enhance our ability to serve these customer needs.” Anchor’s aggressive long term strategic plans, focused on being “The Best Partner for Every Stage of Your Climb to the Peak of Success,” dictated a bold move to create something new in the tent industry – a family of companies with multiple value propositions offering different combinations of features, price, levels of service and customization.
Anchor’s broad market reach is expected to accelerate Economy’s growth. Meanwhile, Economy’s 1200+ customer base will benefit from access to the huge selection of larger tents and structures in Anchor’s inventory when their needs and businesses grow. Economy Tent President Hal Lapping noted: “We weren’t looking to be acquired, but the chance to be part of the most respected company in the industry and the opportunities it brings are great for us and great for our customers.” To ensure that these different customer needs remain effectively and efficiently served, Anchor and Economy will remain as separate companies, brands and facility locations (Evansville, Indiana and Miami, Florida). Both companies will continue to focus on the products and strategies that have satisfied their customers and driven their successes. Customers will continue to deal directly with each company however the two sales operations will interact to ensure that customers and prospects always get the best solution for their individual needs.
For more information on Anchor Industries Inc., visit www.anchorinc.com or call us at 812-867-2421 or 800-544-4445.