Momentum Textiles Buys Textus Group
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Irvine-based Momentum Textiles said it has acquired Textus Group Inc., a small fabric design company in New York City.
Momentum, a textile distribution company that was purchased by employees five years ago, declined to offer financial details of the purchase. “This was a good fit and a good business decision for both of us,” Momentum President John Wilkinson said in a statement.
Momentum sells upholstery fabric for commercial use. The company has about 90 workers and annual sales of about $30 million, said Joanne DeHaven, chief financial officer.
Textus has eight employees and annual sales of about $4 million, DeHaven said. It will continue to operate in New York City.
The acquisition became effective Oct. 1. (Leslie Earnest)
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