New Unit for Fidelity
<i> Dow Jones</i>
Fidelity Capital Group Holdings Inc. said Monday it has acquired RAF, a maker of hotel furniture. Financial terms weren’t disclosed.
Fidelity said it expects the new unit to turn a $350,000 profit on revenues of about $4 million during the next 12 months.
Fidelity retained RAF’s senior management to run Signature Manufacturing, the newly formed unit. RAF executives will own 20% of Signature. Laguna Beach-based Fidelity owns furniture companies.
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