A nearly 90-year-old Goose Creek-based designer, importer and distributor of lamps and residential lighting systems has been sold, but its operations will remain in the Charleston region.
NBG Home said Monday that it has acquired Quoizel Inc. Financial terms of the deal were not disclosed.
"Quoizel's brand is widely known for quality and innovation in fine decorative lighting," NGB chief executive officer Scott Slater said in a written statement. "Its strong sales force and capable design team are well-regarded for their customer-first attitude."
The buyer is a home decor products manufacturer headquartered in Austin, Texas, and owned by Sycamore Partners, which counts Belk among its numerous retail in industry investments. The New York buyout shop paid $3 billion for the department store operator in late 2015.
Slater said Quoizel's headquarters will remain in Goose Creek. Company veteran Rick Seidman will continue with the lighting giant as president, a job he has held since 2006.
"We look forward to partnering with Rick ... and the Quoizel team as we increase our operating scale, product and brand diversity to further enhance our category management solutions to the benefit of our retail partners," Slater said. "Furthermore, we plan to capitalize on each company's market leadership, sales force and capabilities to driver higher revenue growth than either company could independently accomplish."
Founded in 1930 in New York, Quoizel moved to South Carolina in 1996 to Crowfield Corporate Center off College Park Road, where it built a 500,000-square-foot distribution center that now employs about 200 workers, Seidman said Tuesday. An affiliate of NGB Home has purchased the property for $32 million, according to a deed filed Tuesday with Berkeley County.
Quiozel was a family-owned and -operated enterprise that was led for decades by Ira Phillips. The Bronx native, who started with the company in 1964 and had a knack for salesmanship, eventually bought out the business and built it into one of a lighting-industry powerhouse that distributes its lamps and other products mostly in North America through showrooms and major retailers such as Lowe's. Phillips died in Mount Pleasant in May at age 90.
Seidman said the company is "excited about this next chapter in Quoizel's proud history, as it ensures our loyal customers continue to have access to our timeless products while enabling our talented team to continue doing what they do best."
"NBG was thoughtful in helping our ownership group achieve their objectives, and with NBG's support and scale, we can enhance our capabilities and expand distribution points across North America and Europe, providing an attractive future for our employees, customers and vendors," he said.
Quoizel's owners began to explore a sale about a year ago as they mapped out a succession plan, Seidman said, and they deliberately sought out a buyer that would maintain the business in South Carolina.
“We’re staying put in Charleston and everyone has their jobs. … We were thrilled to have found someone who loves the Charleston facility,” he said.