“Outdoors has been one of the strategic categories on our list,” Satya Tiwari, CEO of Surya, told Home Accents Today. “I’ve known about this brand for 10 years. They have a patent on how they cushion their seating, and the intellectual property can allow for even more customization.”
Established in 2004, RST Brands offers a diverse range of outdoor products including some with Sunbrella performance fabrics.
“This is a long-term investment for us,” Tiwari added. “The cultures of the two companies really align with our vision of meeting the needs of designers and design-focused retailers.”
Tiwari said the new partnership will allow RST Brands to operate as a hybrid with both companies sharing expertise and services as well as IT and logistics. The purchase of RST Brands marks the second strategic acquisition for Surya in the last six months, after the purchase of accessories company Global Views in April.
“Global Views will operate more independently than RST Brands under David Gebhart’s guidance,” Tiwari said. “As we acquire new companies, every deal will be unique.”
Tiwari said he is open to more acquisitions in the future since his goal is for Surya to become the “Berkshire-Hathaway of the industry.”
“Private equity cannot run our industry because it is so unique. I would like to work with companies who don’t have a succession plan and they want to have a new custodian who can move the brand forward,” he said. “We want to bring our synergies to companies where the current owners want us to be there.”
Tiwari added that this purchase will enable Surya to immediately gain market share and strengthen its capabilities in the rapidly growing outdoor furnishings segment. RST Brands’ signature Colorway Collections line, with its patented cushion system, frame configurations and Sunbrella fabric options, is just one example of the increased flexibility and customization that will soon be available to Surya customers.
Marketgoers can look for a new outdoor piece or two in Surya’s showroom at the upcoming October market, but the new line will be formally introduced next April.