Covington Holdings, LLC acquired in management buyout

WESTPORT, CT – February 1, 2006 – Abby Gilmore and Roger Gilmartin today jointly announced completion of the assets of Covington to a group of investors led by Gilmartin, Terbell partners, Ltd. (TPL) and Atlanta-based SouthPointe Ventures, LLC.

We are obviously pleased that the transition from Gilmore family ownership and our move into our new HQ have both been successfully completed. Now we can all get back to focusing our day to day business and the wonderful opportunities that it offers us and our customers” said Gilmartin, who will become president & CEO of Covington. He added “Terbell Partners and SouthPointe will be great partners for Covington because they share long term commitment to our customers, our associates and our vision for the future of this great company.”

Ed Fisher, SouthPointe’s managing partner, said “we are delighted to partner with Harriette and Roger and strongly believe that Covington’s new world order’ business model is positioned  to take advantage of exciting opportunities in the textile sector.” Harriette Terbell, TPL’s founder and managing partner, commented that “Covington’s brand recognition and exceptionally talented management team undoubtedly provide the basis for becoming a dominant factor in the global marketplace.”

Covington is one of the world’s leading textile converters of fabric the home and hospitality. Founded in 1940 as a supplier of printed textiles, the company has evolved  into a diversified resource for all types of decorative fabrics manufactured both domestically and imported from fifteen countries on four continents. Covington, a design leader provides innovative products and outstanding value to a broad range of Headquartered in New York City, the Company has offices, operations and showrooms in High Point, Dallas, Los Angeles and Spartanburg.

For further information, please  contact hawt@terbellpartners.com