Scott Group Custom Carpets, a portfolio company of Keystone Capital, is pleased to announce the acquisition of Hokanson Carpets. Terms of the transaction were not disclosed.
Founded in Houston in 1987 by Larry Hokanson, Hokanson Carpets is a leader in the high end residential carpeting market. Hokanson operates six showrooms in major cities across the United States. Some of the most important rug and carpet projects in North America, Europe, the Middle East, Australia and Asia have Hokanson rugs complementing the décor. Leading projects include the restoration of the Russian Royal Palaces in St. Petersburg, the office of Canada’s Speaker of the House and the Burj Khalifa – the world’s tallest building – in Dubai.
The combination of Scott Group and Hokanson will not only strengthen the U.S. showroom presence of both companies in Los Angeles, New York, Chicago and Dallas, but expand it by establishing a presence in Houston and Boston. In addition, the combined company will be able to leverage a broader array of products through its network of showrooms and interior designer relationships throughout the world.
“Together, Scott Group and Hokanson comprise the largest U.S. provider of luxury handmade rugs and carpets,” said Michael Ruggeri, president and CEO of Scott Group. “We have long been admirers of Larry Hokanson and his company and believe that by coming together, we can lead the industry by providing an incredibly broad array of products for the interior design and architectural community,” added Ruggeri.
The acquisition of Hokanson is consistent with Scott Group’s mission to deliver a broader set of products to its current customer base and to expand its markets of focus. Keystone, Ruggeri and the Scott Group leadership team will continue to evaluate opportunities to add to Scott Group’s portfolio of brands through acquisitions or joint ventures. “Scott Group is poised to continue expanding and will aggressively pursue other future opportunities that enhance value for our world-class client base,” noted Ruggeri.
About Scott Group
Founded in 1969, Scott Group Custom Carpets is an industry leader in the design and production of custom carpets and rugs to the architectural design trade. Using the world’s finest natural fibers, Scott Group combines creativity and meticulous craftsmanship in the design and production of luxury carpets and rugs. Scott Group owns and operates a fully integrated manufacturing facility in Grand Rapids, Michigan with 14 artists and a total staff of 200 employees. Scott Group carpets can be found in the finest aircraft, luxury retail stores, corporate offices, yachts and residences in the world, including the State Dining Room and Oval Office in the White House. For more information, visit www.scottgroup.com.
Jason Van Zant