Evercel, Inc. has purchased the assets of Stretch and Cover (S&C), Inc., a direct marketer of slipcovers. Terms included cash and short term payments totaling approximately $650,000 and a royalty on certain sales totaling up to $700,000 over five years.
S&C is a five-year-old furniture slipcover company that generated approximately $1.5 million in 2008 and was profitable, according to a company statement. Bert Shlensky will become president of S&C. He was formerly president of Sure Fit Inc, a slipcover manufacturing company, and grew it from $50 million to $150 million. Sure Fit’s operations included a $60 million Internet business.
“We believe that this business has significant upside potential and that Bert has the expertise to add fashion, improved marketing and excitement to the category and to substantially increase sales,” said Evercel CEO Garry Prime in a statement.
Hingham, MA-based Evercel is a multi-industry company whose operations include crab processing for both fresh and frozen markets, sales of Swivel Y-valves used in the treatment of patients on respirators and investments in Zipcar Inc. (car sharing), Oxygen SpA (light electric vehicles), and Julia LLC (skin wrinkle reduction technology).
