New York–Home textiles brand Chilewich, known for its textured constructions, has taken on a major investor to help expand its business.
Berkley Capital, the private equity investment vehicle of W. R. Berkley Corporation, has acquired a majority interest in the company. The transaction amount was not disclosed.
Founded in 2000 by designer and entrepreneur Sandy Chilewich, the company has grown from a pioneer of placemats to a global provider of textile products to the home furnishings, contract, hospitality and transportation markets. Its woven coverings for tabletops, floors, walls, windows are made in the U.S. at Chilewich’s factory in Chatsworth, Ga.
“We’re thrilled to be embarking upon this next chapter with Berkley Capital,” she said. “More than twenty years ago, I saw unlimited opportunities for weaving with extruded yarns. I was certain not only that this humble material could be made beautiful but also that it was able to last a lifetime.”
Architect Joe Sultan, who joined the company as CEO in 2001, said the company’s goal was to find a partner who recognized the true value of the brand and its business. He and Sandy Chilewich retain minority ownership and will continue on with the company in advisory roles across design, research, development and manufacturing.
“We chose to partner with Chilewich because of its design leadership, unparalleled product performance, and strong brand recognition across markets,” said Berkley Capital president Frank Medici. “We’re proud to support the continued expansion of this rapidly growing business, with capital as well as with our experience in supporting growth-oriented companies.”