Mergers & Acquisitions | Nov 15, 2023
Surya has acquired the Mitchell Gold + Bob Williams brand. In a deal announced today, Surya CEO Satya Tiwari announced plans to relaunch the company as a wholesale and trade resource and start shipping product in the first quarter of 2024. The terms were not disclosed.
“We have a deep respect for the MG+BW brand, as do many of our design customers,” Tiwari tells Business of Home. “This presents a unique opportunity for us to expand our reach and offerings to the design community.”
The acquisition comes as the beleaguered North Carolina brand had already entered liquidation after a Delaware judge converted the company’s bankruptcy filing from Chapter 11 to Chapter 7. As part of the deal, Surya has acquired the intellectual property, some of the brand’s inventory, and all of its manufacturing equipment. Notably absent in that list: retail leases.
Mitchell Gold + Bob Williams first filed for bankruptcy in September, after abruptly ceasing operations and laying off more than 700 employees. According to the initial documents submitted with the case, the company said it owed its creditors between $10 million and $50 million.
Tiwari says that Surya “did not acquire any liabilities” as part of the process, though in regards to customers with open orders, he adds: “To the extent that we have any inventory that was purchased in our possession, we want to be helpful in finding a satisfactory resolution.” The legal intricacies of the deal were not clear at press time.
Surya is actively looking to rehire some MG+BW employees, Tiwari says. The company’s co-founder Mitchell Gold will stay involved in an advisory capacity.
The move marks the third notable acquisition from Surya, a Cartersville, Georgia–based rug company, which purchased both the home decor wholesaler Global Views and the outdoor furniture brand RST Brands earlier this year. Tiwari has told industry media that he’s been inspired by Warren Buffett’s Berkshire Hathaway model, and that he plans to hold the companies he buys indefinitely, not pass them along at a profit as private equity firms often do.
“If my name is on a company, I’m doing everything in my power to save it from going under,” Tiwari told BOH in September.
This is a developing story. Check back for updates.
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