Armen Art owner buys producer Italmond
By Thomas Russell -- Furniture Today, March 24, 2008
Los Angeles — The owner of contemporary furniture manufacturer Armen Art Furniture has purchased high-end custom furniture manufacturer Italmond.
Armen Art owner Kevin Kevonian bought the company from Five Crowns Capital, a private equity firm managed by former Italmond CEO Jeff Schaffer and Vice President Charles Stevens. Both left the company after the purchase.
The purchase price was not disclosed.
Kevonian said Italmond's high-end line of barstools, dining chairs and accent chairs complements the product line of Armen Art, which has a medium-priced line that includes contemporary bedrooms and occasional and dining tables that feature travertine stone tops and bases.
Armen Art produces its line at factories in Turkey and China. Italmond's frames are sourced from Europe and Asia, and are custom finished and upholstered in the company's Los Angeles factory.
Kevonian said Italmond's appeal lies in its ability to customize product for both contract customers and high-end designers.
"The lower end of the market keeps on getting beaten up, so it's natural that we go into an area that is not so affected by the vicissitudes of what the industry has been going through the past couple of years," he said.
He added that each company will retain its unique product line and design niches, and will keep its respective sales force and Web site.
"The lines have to be distinct because they appeal to different markets," Kevonian said.
However, he said the purchase will allow the two companies to tap into each others' strengths. He said he plans to invest heavily in the Italmond brand.
"The cross marketing and merchandising will open both companies up to new opportunities," he said.
Kevonian said the two companies will share office space in Armen Art's Los Angeles headquarters and High Point Market showroom space in the former Guilford County Courthouse building at 258 S. Main St., which Kevonian owns. Armen Art already shows there, while Italmond was in the International Home Furnishings Center.
Bruce Gellis remains director of sales at Italmond.
He said the merger complements both brands and provides "tremendous cross marketing opportunities for both lines."
