Franklin Lakes, N.J.-based Wembly Enterprises, a family owned investing team led by Sunil and Jay Kumar, has purchased Lowell, Mass.-based coated fabrics and textile producer Bradford Industries Inc. Bradford specializes in man-made leathers and coated fabrics for the automotive industry among other industrial markets. Terms of the sale were not disclosed.
“Bradford has tremendous assets — in manufacturing, technology and, of course, in people,” said Sunil Kumar. “We are pleased to welcome Bradford’s employees to the Wembly family and we are thrilled to add another producer of coated products to our company.” Jay Kumar, president of Wembly-owned Universal Plastics & Mayfield Plastics, will serve as CEO of Bradford. Stephen Olsen, a Wembly principle and co-investor in the Bradford business, will join Bradford as president.
“We’re proud of the business that we’ve built at Bradford and we see a great future for our people with the Wembly organization,” said Dick Satin, Bradford’s retiring president. “The business is poised for growth and we think we’ve found the right buyer to help us in realizing the company’s potential.”