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June 1, 2012 /PRNewswire/ --
Bed Bath & Beyond Inc. today announced the all cash acquisition of Linen Holdings, LLC for approximately
$105 million. Based in
Gibbsboro, New Jersey, Linen Holdings, LLC is a privately-held, value-added distributor of bath, bed and table linens, other textile products and amenities to customers in the hospitality, cruise line, food service, healthcare and other industries.
Steven H. Temares, Chief Executive Officer and Member of the Board of Directors of
Bed Bath & Beyond Inc., stated, "We are very excited to add the talented Linen Holdings team members and their sourcing and sales expertise to our existing operations. We look forward to the opportunity to support and augment the offerings provided by Linen Holdings, LLC to its current and prospective customers."
The acquisition of Linen Holdings, LLC will have no effect on the results for
Bed Bath & Beyond Inc.'s fiscal first quarter ended
May 26, 2012 since the transaction occurred during the fiscal second quarter of 2012. The Company believes the benefit of this acquisition will not have a material effect on the overall results or financial condition of
Bed Bath & Beyond Inc. for fiscal 2012.
Bed Bath & Beyond Inc. also continues to model completion of its current share repurchase authorization by the end of fiscal 2012, which may be influenced by several factors, including business and market conditions.
The Company will be hosting a conference call on
Wednesday, June 20, 2012 at
5:00 pm (EDT), after the Company releases its financial results for the fiscal first quarter of 2012. The call may be accessed by dialing 1-800-281-7973. The rebroadcast of the conference call may be accessed by dialing 1-888-203-1112 with a passcode id of 9470163 beginning
6:30 pm (EDT) on
Wednesday, June 20, 2012 through
6:30 pm (EDT) on
Friday, June 22, 2012.