A Toronto-based supplier of office furniture has acquired Dowcraft Corp., a manufacturer of wall partitions.
Harry Nicholso, Dowcraft's president and CEO, said he "wouldn't be surprised" if the Lister Avenue company doubles its work force of 121 under the new owner, Inscape Corp.
Nicholson said Inscape gives Dowcraft the support necessary to expand at its 2-year-old facility.
"They have five times as many dealers (and) showrooms throughout the country that we couldn't possibly afford to have on our own," he added.
Ram Ramkumar, Inscape president and chief executive officer, said the acquisition has been in the works for nine months. He added the move helps Inscape provide a "broader base" of products.
Ramkumar noted that Inscape has had positive dealings with Dowcraft, which he says is highly regarded for its wall systems, and that Dowcraft's management and staff will remain intact.
Nicholson said Dowcraft has the capacity to produce four times what it does and with Inscape's profile this can be realized.
No acquisition price was announced.
Nicholson added that Dowcraft has sold it's assets in Ellison Bronze to that division's management team. Ellison Bronze makes high-quality balanced doors.
Inscape, which designs, manufactures and distributes office furniture, had sales last year of $132 million (Canadian). Its stock is traded on the Toronto Stock Exchange.