R2 Venture Solutions Completes Acquisition of Townecraft Inc. and Subsidiaries

GLEN ROCK, N.J., May 10, 2018 /PRNewswire/ -- R2 Venture Solutions Inc., a New York corporation, announced today that it has completed the acquisition of Townecraft Inc., and related subsidiaries, including Townecraft's global corporate headquarters facility in Glen Rock, NJ. Effective immediately, Townecraft Inc. will be renamed Townecraft Homewares LLC. All operations and product trademarks will continue utilizing the "Townecraft" global flagship trademark brand.

"For over 70 years Townecraft Inc. has developed a multi-dimensional business with a deep customer base, a world-class reputation for quality home products, superior customer service, and a world-class team. We can build on that track record by leveraging R2 Venture Solutions' diverse portfolio and global network. We are excited to welcome the Townecraft Team to R2 Venture Solutions and getting to work on scaling Townecraft Homewares. Congratulations and many thanks to Ernest Barbaris, John DiMaria and the Townecraft management team," said Rafael A. Ramirez, President and Chief Operating Officer of R2 Venture Solutions Inc.

"My father started Townecraft in 1947 to offer opportunities for ordinary people to be in their own business selling cookware and giving their customer's family the benefits of eating good food cooked in a healthy manner. Over the years we added other products for the home that we believe complimented cookware and stayed true to our firm belief in quality and health. We continued his dream to now and I am thrilled and grateful that we have found someone who will continue my father's dream for another generation. From the moment Ralph and I met I knew he was the person to do that. With an impressive background in financial services on Wall Street and a stellar career as a professional global sales executive I firmly believe he will take Townecraft to new heights with innovation, product, and technology development," added Ernest A. Barbaris President & CEO of Townecraft Inc.

Effective immediately, R2 Venture Solutions' corporate offices will relocate to Townecraft Homewares LLC's Glen Rock, NJ global corporate headquarters and Ralph Ramirez will assume the role of CEO and President of Townecraft Homewares LLC and its affiliate Townecraft Finance & Credit Solutions LLC.

Terms of the transaction were not disclosed. The parties were advised by their respective business, financial and legal representatives in the transaction.

About Townecraft Inc.
Since 1947, Townecraft Inc. has been a leading wholesale provider of high^-quality American made consumer durable goods including cookware and related kitchen accessories, finely crafted cutlery along with air and water purification systems to value-conscious consumers worldwide.

About R2 Venture Solutions Inc.
R2 Venture Solutions, a holding company, specializes in the acquisition and active management of a diverse multi-sector investment portfolio of companies. R2 has established a strong track record of buying and developing market-leading businesses capitalizing on the deep relationships and trust we enjoy with the owners of, and advisers to, family-owned businesses and industrial operations throughout the US and the Caribbean. R2 focuses on total acquisitions or controlling stakes in market-leading businesses in the consumer durable goods, residential/commercial real estate, industrial, and healthcare/medical equipment sectors - Building Correlation from Independent Variables.

Media Contact: 
Rafael A. Ramirez, President & COO
R2 Venture Solutions Inc.
917-733-6024
[email protected]

Ernest A. Barbaris, President & CEO
Townecraft Inc. 
201-445-9700
[email protected]

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SOURCE R2 Venture Solutions Inc.