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6th November 2018, Cincinnati

Standard Textile acquires luxury Italian hospitality business

The Mascioni Hotel Collection brand markets bed, bath, table and spa products to luxury hotel properties worldwide. The acquisition of the Mascioni global hospitality business advances Standard Textile's strategy of expanding its leadership position in the hospitality market globally and positions the company for future growth.Standard Textile Co., Inc., a leader in hospitality and healthcare textile markets, announced yesterday it has reached an agreement to acquire the global hospitality business of Mascioni SPA, Italy, including the Mascioni Hotel Collection brand.

The Mascioni Hotel Collection brand markets bed, bath, table and spa products to luxury hotel properties worldwide. The acquisition of the Mascioni global hospitality business advances Standard Textile's strategy of expanding its leadership position in the hospitality market globally and positions the company for future growth.

Gary Heiman, President and Chief Executive Officer of Standard Textile said: "We are pleased to acquire the Mascioni hospitality business.  The Mascioni Hotel Collection brand embodies the notable craftsmanship and innovative artistry of Mascioni, one of Italy's leading textile design and finishing manufacturers. The Mascioni Hotel Collection broadens our brand portfolio to satisfy the characteristics and values of today's luxury hotel customer."

Francesco Russo, Chief Executive Officer of Mascioni commented: "Since Mascioni's founding in 1957, the company has gained a strong worldwide reputation for creating luxury quality linens.  We believe Standard Textile's strong distribution network in North America and globally will accelerate the growth of the Mascioni hospitality business and the Mascioni Hotel Collection brand."

Standard Textile indicated there will be a design and supply agreement with Mascioni SPA to provide the company an opportunity to manufacture products through Mascioni in Italy along with Standard Textile's global manufacturing infrastructure.

"This partnership and complete control of our entire supply chain allows us to innovate at each stage of the process, ensuring consistency in superior quality and service," said Mr. Heiman.  "The Mascioni Hotel Collection offers luxury properties the distinguished products desired by guests, supported by a robust global manufacturing and distribution network."

Mr. Heiman noted the Mascioni Hotel Collection will continue to operate as an independent brand with headquarters in Cincinnati, Ohio.  The transaction is expected to close in November 2018.

Standard Textile entered the hospitality market with products exclusively engineered to address the needs and desires of hoteliers, from limited to full-service, boutique, lifestyle and luxury.  The company supplies linen to many of the world's largest, most recognizable hotel brands.

The company has also executed a license agreement with Mascioni SPA that provides Standard Textile the exclusive right to manufacture, market, and sell Mascioni branded products in the US consumer market.

www.standardtextile.com

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