Fabric manufacturer Panaz has announced the acquisition of luxury interior textiles company Chase Erwin.
As part of the deal, Chase Erwin, which specialises in fabrics for the luxury residential and commercial sectors, will be led by chief executive Lauren Stonnell, who has returned to the business to ‘accelerate the brand’s strategic growth objectives’.
Panaz will continue to be managed by recently appointed CEO Rollie Attard.
Chase Erwin said the investment will help ‘significantly increase production capabilities’ as well as expanding its offering through the ‘development of new textile and accessories collections’.
Speaking of the acquisition, Tony Attard, Chairman of Panaz Holdings, said: “ Panaz holdings is the corporate vehicle that will drive the new group of companies specialising in the Interiors fabrics industry, using both horizontal branding and vertical manufacturing strategies. Chase Erwin fits into that strategy because it will use many existing resources within the Panaz group to grow the brand.
“Both Panaz and Chase Erwin were founded in 1986 upon cultures of customer service and innovation. Whereas Panaz specialises in the commercial sector, leisure and medical, Chase Erwin is renowned for designing and manufacturing carefully crafted interior fabrics that perfectly encapsulate the delicate beauty of natural fibres. I look forward to working with Lauren and the Chase Erwin team as we begin our new partnership.”
Lauren Stonnell, Chief Executive Officer of Chase Erwin, said: “This is an extremely exciting chapter in Chase Erwin’s rich history, as we embark on a new future with the support of Panaz Holdings. This investment will enable us to significantly increase our production capabilities, whilst simultaneously expanding our offering through the development of new textile and accessories collections.
“Having previously been General Manager of Chase Erwin for four years, it’s wonderful to return to the business with the support of Tony, Rollie and the wider Panaz Holdings team as we drive the business forward with new energy and continue to build on its impeccable reputation.”
Chase Erwin has been established since 1986 and has presence in Europe, America and Asia, with its luxury fabrics distributed globally, as well as a showroom located in London.