Anchor Industries Inc., Evansville, Ind., has acquired Economy Tent Intl., a Miami, Fla.-based provider of 10-foot to 40-foot-wide frame tents with a customer base in the northeast and southeast United States, the Caribbean and Latin America.
Anchor delivers a broad selection of tent styles and sizes to customers who need tailored tent solutions, while Economy Tent delivers a targeted set of frame tents to price- and time-sensitive buyers.
“This stressed and uncertain economic environment has brought focus to the needs of rental companies that are just starting out or are involved in lower-margin, fiercely competitive events like fairs, festivals and other events,” says Anchor CEO Pete Mogavero. “We are excited that our financial strength has allowed us to seize this opportunity to purchase a strong, profitable and highly productive company that will enhance our ability to serve these customer needs.”
Anchor’s long-term strategic plans dictated a bold move to create something new in the tent industry—a family of companies with multiple value propositions offering different combinations of features, price, levels of service and customization.
Anchor’s market reach is expected to accelerate Economy’s growth, while Economy’s 1,200-plus customer base will benefit from access to the selection of larger tents and structures in Anchor’s inventory when their needs and businesses grow.
“We weren’t looking to be acquired, but the chance to be part of the most respected company in the industry and the opportunities it brings are great for us and great for our customers,” Economy Tent president Hal Lapping says.
To ensure that these different customer needs remain effectively and efficiently served, Anchor and Economy will remain as separate companies, brands and facility locations. Customers will continue to deal directly with each company; however, the two sales operations will interact to ensure that customers and prospects are offered solutions that fit their individual needs.