Glen Rock-based wholesale consumer goods company Townecraft Inc. has been acquired by R2 Venture Solutions Inc., according to the Benjamin Ross Group.
R2, a New York-based holding company, will relocate its corporate offices to join Townecraft at its headquarters in Glen Rock.
Benjamin Ross Group, with offices in Princeton, was retained by Townecraft to perform a business valuation and seek a buyer for the business.
As a result of the transaction Townecraft will assume the name Townecraft Homewares LLC, effective immediately. Ralph Ramirez will become CEO and president of Townecraft and its affiliate Townecraft Finance & Credit Solutions LLC.