Anchor Industries Inc., a leading U.S. manufacturer of tenting solutions for the special events industry, has announced the acquisition of Economy Tent Intl., a Miami-based provider of 10-foot to 40-foot wide frame tents with a strong reputation for quality and value, attested to by its nearly $6 million in revenues from a customer base in the northeast and southeast U.S., the Caribbean and Latin America.
Anchor and Economy have built their respective successes by serving different customer needs in the tent market. Anchor delivers the broadest selection of tent styles and sizes to earn a reputation for quality through decades of service to demanding customers who need tailored tent solutions. Economy Tent has built a sterling reputation by delivering a targeted set of frame tents to the price-sensitive buyer that prizes efficiency in delivery and installation and is unwilling to compromise on quality.
“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,” said 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 aggressive 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.
To ensure that these different customer needs remain effectively and efficiently served, Anchor and Economy will remain as separate companies, brands and facility locations (Evansville, Ind. and Miami, Fla.). Both companies will continue to focus on the products and strategies that have satisfied their customers and driven their successes. Customers will continue to deal directly with each company; the two sales operations will interact to ensure that customers and prospects always get the best solution for their individual needs.