The Springs Company
Forsite Development Inc. is the operating company that was formed by Tom McKittrick in December of 2004. Forsite's primary equity partner and part owner is the Springs Company. The Springs Company is the organization that handles the Close Family's Asset and Wealth Management operations. TSC consists of all the operating companies (non-textile), family investments, land holding, and charitable trusts the Close Family has an ownership in.Springs Global makes bath rugs, bedspreads, pillows, and towels under the Springmaid and Wamsutta brands. The firm makes private-label items for Wal-Mart and Target, and licensed brands such as Harry Potter and NASCAR. The company merged its home textiles operations with Brazilian company Coteminas in January 2006. The new company is expected to be the world's largest sheet and towel manufacturer. Coteminas owns 55% of Springs Global, and the close family and Heartland Industrial Partners own some 26% and 24% respectively. Crandall (Close) Bowles, wife of Erskine Bowles, (former chief of Staff to President Clinton) runs the textile business. The textile business has multiple operating plants in the United States along with its newly acquired off-shore operations. Revenues are in excess of $3B annually.
