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News: Miami entrepreneur sells business

The Great American Hanger Co. of Miami was purchased by International Hanger, an Austin, Texas company. The purchase price was not disclosed.

Image003Devon Rifkin, who started The Great American Hanger Co. in his apartment in 1999 in his mid-20s, was named Entrepreneur Magazine’s Entrepreneur of the Year in 2008. The company, which
makes a variety of hangers for high-end retailers, hotels and individuals, also was among the INC 500 Fastest Growing Businesses for three consecutive years. Rifkin said he will serve as an advisor to International Hanger during the transition and will continue to consult with high-growth, mid-sized businesses as he prepares his next venture.

International Hanger said the purchase broadens its markets to include online consumers and residential customers. As part of the agreement, The Great American Hanger Co.’s employees and Miami office are now part of International Hanger. The Great American Hanger Co. operates the website hangers.com.

-- Ina Paiva Cordle