NEW YORK — Symphony Fabrics, a Manhattan-based textile converter in operation since 1939, has acquired the Pago Fashion Group.
New Jersey-based Pago consists of Pago Fabrics, Rosebar Textiles, Symphony Retail, Set A Soi, Village Square Cottons and Price Point Fabrics, which collectively provide over-the-counter fabrics to retailers and arts and crafts stores around the country. David Knapel, owner of Pago, will stay on as executive manager of what will become the Pago division of Symphony Fabrics. The majority of the Pago staff will move to Symphony’s 36th Street office here. Financial terms of the acquisition were not disclosed.
Seymour Schneiderman, president of Symphony, said the combined companies will generate sales of more than $40 million annually, and provide expansion opportunities for both companies. The deal will also allow Symphony to address the needs of both the retail and apparel industries. According to Schneiderman, about 95 percent of Pago’s business is conducted with retailers, while 95 percent of Symphony’s business is done with the apparel industry.
“It expands the whole product line for both the parent and the division,” said Schneiderman. “We are not a drugstore any more. We’re a supermarket.”
Symphony established itself in its early years as a supplier of woven fabrics for bridal and eveningwear. Since then, the company has expanded into knits and has developed fabrics for the sportswear, activewear, swimwear, intimate apparel and children’s wear markets. The Pago acquisition will now allow Symphony to offer some of its apparel fabrics at retail and vice versa.
“Anybody who uses fabric in this country can come to this group and find their needs,” Schneiderman said.