In a deal that will create one of the largest supplier firms in Europe, Impression Europe Limited has announced that its Dutch supplier Giving Europe BV has acquired Mid Ocean Brands BV. The deal is characterized as a takeover by the shareholders of Giving Europe and the current management team of Mid Ocean Brands, which has been agreed to by Avedon Capital Partners and ABN AMRO, Mid Ocean's previous investors. Avedon first invested in Mid Ocean in 2007.
In a release signed by Stef van der Velde, CEO of Giving Europe, and Malcolm Stephenson, director of Impression Europe, the companies said that the formation of a larger supplier will benefit the overall European market at a time of uncertain economic conditions. "The new investor group is aware of the challenges in the market," the statement said. "But they are convinced that everybody will benefit by such a large player in the market being safeguarded. Eventually this takeover will lead to a stronger purchasing position for both companies and they will also benefit from each other's expertise and experience."
As part of the deal, Giving Europe and Mid Ocean Brands will remain independent and operate under their respective brand names.