8/21/2023Rugs USA has acquired Annie Selke Cos., which includes the Dash & Albert rug brand. Shown,
Annie Selke custom rug designs
NEW YORK -- Online area rug e-tailer Rugs USA has acquired the Annie Selke Cos., which includes the Annie Selke, Pine Cone Hill and Dash & Albert brands to further grow its stable of brands.
"Rugs USA acquired the Annie Selke Cos.," Lori King, who will continue as CEO of Annie Selke, told RugNews.com. Annie Selke provides rugs, bedding and other home goods through the Annie Selke, Pine Cone Hill and Dash & Albert brands.
"With this acquisition, Rugs USA has further expanded its house of brands. Joining the Rugs USA platform propels the Annie Selke brands into the future and continues to accelerate the best-in-class customer experience -- all while continuing the unique product design that customers know and love, which will go-to-market as they do today under the Annie Selke, Pine Cone Hill and Dash & Albert brands," Lori King continued. Company founder Annie Selke continues to be involved as the chief vision officer. Further, CODARUS continues to serve as the long-time wholesale sales representative of the Annie Selke brands.
"As part of the Rugs USA and Annie Selke integration, it was determined that consolidating distribution centers into the existing Rugs US footprint would enable business growth and further advance the best-in-class customer experience," King said. "Annie Selke is an important brand for Rugs USA, and these changes are indicative of ongoing investment to help scale the distinct Annie Selke brands. This was not an easy decision, and the company is committed to supporting teammates through the transition with care and respect. Outside of the distribution center closure, the Annie Selke brand continues to operate from the Pittsfield, Massachusetts, headquarters.
Rugs USA, founded in 1998 by Koorosh Yaraghi, received an investment by private equity player Francisco Partners in late 2021. Francisco Partners acquired its stake in the company from private investor Comvest Partners, which sold its majority position to Francisco Partners and retained a minority stake in the business. Comvest acquired its stake in Rugs USA in the spring of 2018.
Over the course of 10 years, Yaraghi, who founded rug wholesaler NuLoom in 2008 as well, had grown Rugs USA to earn a ranking of 281 on Internet Retailer's Top 500 Guide. Yaraghi's LinkedIn page lists him as chairman of Rugs USA. Neither Yaraghi nor Francisco Partners responded to requests for comments.