A Bergen County durable goods company has been sold to an investment holding company, according to Princeton-based Benjamin Ross Group, which brokered the deal.
Benjamin Ross Group, a mergers and acquisitions brokerage firm, said in a news release that R2 Venture Solutions Inc., based in New York, acquired Townecraft Inc., based in Glen Rock.
Townecraft Inc., a wholesale provider of durable goods such as cookware and cutlery, has been renamed Townecraft Homewares LLC. Ralph Ramirez will take over as CEO and president of both the homewares company and its affiliate, Townecraft Finance & Credit Solutions LLC.
Benjamin Ross Group performed a valuation of the company, served as business broker for the seller and identified the buyer.
“We got a lucky break when we met Michael Meyer at the Benjamin Ross Group,” Ernest Barbaris, former owner of Townecraft Inc., said in a prepared statement. “I cannot possibly say enough about what he did for us. He knows his business, he never told us anything that was not true and never put any pressure on us to do anything we did not want to do.
“He sold our business for what we thought was a good deal for us.”
Financial terms of the deal were not disclosed.
R2 Venture Solutions’ corporate offices will relocate to Townecraft’s corporate headquarters, the company added.