According to a press release, Litex paid $4.25 per share, an offer that was extended on Oct. 14. Litex purchased over 4.5 million shares, or approximately 79 percent, of Craftmade common stock. When combined with the 14 percent of the stock that Litex already owned, Litex now owns 93 percent of the common stock, or 5.4 million shares.
This is the second acquisition Litex has made this year, after acquiring The Jeremiah Co. Inc. back in April. Starting in January, all three lines will be housed in the company’s new 6,500 square foot showroom (Trade Mart 4902) that debuted at the June Dallas Market.