January 27, 2022 | Bill Esler
East Hanover, NJ—Stock for FGI Industries Ltd., an importer and supplier of kitchen and bath fixtures, vanities, and cabinets, began trading on The Nasdaq Capital Market on January 25, under the symbols “FGI” and “FGIWW,” expecting to raise $15 million.
David Bruce, was appointed CEO of FGI Industries this week. He is also executive vice president of FGI’s parent company, Foremost Groups, Inc., established in 1987 as an importer of wood cabinetry and bathroom fixtures in Newark, NJ and Taipei City, Taiwan. FGI executive chairman is founder John S. Chen, who holds a BA from the University of Chicago and a law degree from Georgetown University.
FGI Industries in its prospectus says it attained $170 million in revenue in 2021, up from $134 million in 2020 when sales were depressed by U.S. tariffs and the COVID-19 pandemic. Its Rizhao, China factory was hit with 122 percent tariffs in 2020. About 8 percent—$18.2 million—was in kitchen cabinets, and 28 percent in bathroom furniture—vanities, mirrors, and cabinets.
Foremost began its business as an importer of wood cabinetry and bathroom fixtures for the retail market, selling through big box stores such as Lowe’s and The Home Depot, and other commercial retailers like Walmart and Costco, and later expanding to online furniture purveyors including Wayfair. With over 2,000 employees in its sales offices, customer support centers, and factories worldwide, it has over 340,000 sq. ft. of domestic warehouse space and owns several manufacturing facilities including a state-of-the-art wood furniture factory located in Rizhao, China.
The offering was made through The Benchmark Company and Northland Capital Markets, acting as joint book-running managers for the offering.
Over the course of 30 years, its business migrated to the following product categories: sanitaryware (primarily toilets, sinks, pedestals, and toilet seats), bath furniture (vanities, mirrors, and cabinets), shower systems, custom kitchen cabinetry, and other accessory items.
Foremost says its supply chain network, operating footprint and long-standing customer relationships give it the ability to service retail, wholesale, and commercial channel customers worldwide and offer a broad set of products to its customers.
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