Standard Textile Acquires Luxury Italian-Based Global Hospitality Business Including the Mascioni Hotel Collection Brand

Acquisition expands Standard Textile's leadership position in the hospitality market and strengthens growth opportunities

CINCINNATI, Nov. 5, 2018 /PRNewswire/ -- Standard Textile Co., Inc., a global leader in the hospitality and healthcare textile markets, announces today it has reached an agreement to acquire the global hospitality business of Mascioni SPA, Italy, including the Mascioni Hotel Collection brand. The Mascioni Hotel Collection brand markets bed, bath, table and spa products to luxury hotel properties worldwide. The acquisition of the Mascioni global hospitality business advances Standard Textile's strategy of expanding its leadership position in the hospitality market globally and positions the company for future growth.

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Gary Heiman, President and Chief Executive Officer of Standard Textile said, "We are pleased to acquire the Mascioni hospitality business. The Mascioni Hotel Collection brand embodies the notable craftsmanship and innovative artistry of Mascioni, one of Italy's leading textile design and finishing manufacturers. The Mascioni Hotel Collection broadens our brand portfolio to satisfy the characteristics and values of today's luxury hotel customer."

Francesco Russo, Chief Executive Officer of Mascioni said, "Since Mascioni's founding in 1957, the company has gained a strong worldwide reputation for creating luxury quality linens. We believe Standard Textile's strong distribution network in North America and globally will accelerate the growth of the Mascioni hospitality business and the Mascioni Hotel Collection brand."

Standard Textile indicated there will be a design and supply agreement with Mascioni SPA to provide the company an opportunity to manufacture products through Mascioni in Italy along with Standard Textile's global manufacturing infrastructure.

"This partnership and complete control of our entire supply chain allows us to innovate at each stage of the process, ensuring consistency in superior quality and service," said Mr. Heiman. "The Mascioni Hotel Collection offers luxury properties the distinguished products desired by guests, supported by a robust global manufacturing and distribution network."

Mr. Heiman noted the Mascioni Hotel Collection will continue to operate as an independent brand with headquarters in Cincinnati, Ohio. The transaction is expected to close in November 2018.

Standard Textile entered the hospitality market with products exclusively engineered to address the needs and desires of hoteliers, from limited to full-service, boutique, lifestyle and luxury. The company supplies linen to many of the world's largest, most recognizable hotel brands.

Standard Textile has also executed a license agreement with Mascioni SPA that provides Standard Textile the exclusive right to manufacture, market, and sell Mascioni branded products in the US consumer market.

About Standard Textile Founded in 1940, Standard Textile has developed a culture of innovation, quality, and service. With more than 80 patents, its products are engineered to deliver durability, longevity, and value. A vertically integrated company, Standard Textile is a leading global provider of total solutions in the institutional textiles and apparel markets. Leveraging textile design, manufacturing, and laundry expertise, and its global infrastructure, this company serves customers in the healthcare, hospitality, interiors, workwear, and consumer markets worldwide. For more information visit standardtextile.com [http://standardtextile.com/].

About Mascioni

Since almost 60 years Mascioni is regarded worldwide as the industry leader for design, creation and production of superior textile products. The Company mainly operates in home textiles, supplying manufacturers, retailers and institutional organizations; it is also having a consolidated presence in hi-tech fabrics such as fabrics for camouflage uniforms. Mascioni, headquartered in Cuvio, Northern Italy, is a 700,000 square foot state-of-the-art factory for fabric printing, dyeing and finishing.

Contact: Judy Sroufe Vice President, Brand Marketing and Communications jsroufe@standardtextile.com [mailto:jsroufe@standardtextile.com] Standard Textile One Knollcrest Drive Cincinnati, OH 45237 (513) 761-9256 www.standardtextile.com [http://www.standardtextile.com/]

Angelo Fugazza, Head of Hospitality and Brand Manager Angelo.Fugazza@mascioni.it [mailto:Angelo.Fugazza@mascioni.it] MASCIONI S.P.A. VIA GIACOMO MASCIONI , 4 21030 CUVIO ( VARESE ) ITALY PH. : +39 0332 659111 Info : mascioni@mascioni.it [mailto:mascioni@mascioni.it] www.mascioni.it [http://www.mascioni.it/]

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Web site: http://www.standardtextile.com/

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