Closet & Storage Concepts Strengthens Murphy Bed Business with Acquisition of More Space Place

Closet & Storage Concepts today announced that it has acquired More Space Place, a manufacturer and retailer of Murphy beds, custom closets, garage organizers, and other solutions for saving space in the home or office. Combined system-wide sales are projected to be approximately $40 million with more than 400 employees and 39 locations nationwide, positioning Closet & Storage Concepts as one of the largest companies in the "space-saving" home furnishings & Headquartered in West Berlin, NJ, Closet & Storage Concepts designs, manufactures, and installs a wide variety of custom closet, garage, laundry room, pantry, home office, wall bed, and other home storage products. The company was founded in 1987 by President and CEO Bob Lewis in the southern New Jersey/Philadelphia market. In 2000, Closet & Storage Concepts began offering franchise and dealer business opportunities in the United States and Canada. The privately held company has 11 locations, three company-owned and eight franchise-owned, in nine states.

Based in Clearwater, Fla., More Space Place operates 28 franchise store locations in 10 states, including Colorado, Florida, Georgia, Maryland, New Hampshire, North Carolina, South Carolina, Tennessee, Texas, and Virginia. Murphy bed sales comprise approximately seventy five percent of its business, making it the nation's top retailer for wall beds. The company's product line complements Closet & Storage Concepts, which designs, manufactures, and installs a variety of custom closet and home storage products for garages and other rooms. Wall beds make up nearly twenty percent of Closet & "This is a terrific opportunity for us to grow our business," said President and CEO Bob Lewis. "The More Space Place retail stores expand our markets and give us the decisive edge for Murphy beds." In the last 10 years, the business of creating or optimizing space has grown substantially and is predicted to continue its upward trend. U.S. demand for home organization products will increase 3.6 percent annually to $8.6 billion in 2015, according to industry forecasts.

"Our current plan is for the two companies to operate as separate brands," noted Lewis. "This acquisition gives us the ability to offer two different business models to prospective franchise owners who want to be part of the rapidly growing home furnishings and improvement industry." Closet & Storage Concepts is included in the Top 500 Franchise Systems of Entrepreneur Magazine's 28th Annual Franchise Edition. In addition, it is the top-ranked closet system company. For information on franchise opportunities with Closet & Storage Concepts or More Space Place, contact: Tom Harris at (760) 728-8228 or email at [email protected] Headquartered in West Berlin, NJ, Closet & Storage Concepts designs, manufactures, and installs a wide variety of custom closet, garage, laundry room, pantry, home office, wall bed, and other home storage products. The company was founded in 1987 by President and CEO Bob Lewis in the southern New Jersey/Philadelphia market. In 2000, Closet & Storage Concepts began offering franchise and dealer business opportunities in the United States and Canada. The privately held company has 11 locations, three company-owned and eight franchise-owned, in 9 states. For more information, please call 1-800- 862-1919 or visit www.closetandstorageconcepts.com. Headquartered in Clearwater, Fla., More Space Place manufactures and sells Murphy beds, custom closets, and other space-saving solutions for residential and commercial use. Currently, there are 28 franchised retail stores located in 10 states. The franchise got its start in 1985 through a license agreement with the original Murphy Bed Company, the company established by William L. Murphy, the inventor of the Murphy bed. Since then, More Space Place has established itself as the premier retailer for wall beds. For more information, please call 1-888-731-3051 or visit www.morespaceplace.com.

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