As first reported in a Breaking News Alert yesterday, Meridian PO Finance LLC, the senior secured lender to Top 40 supplier Camsing Global LLC (asi/43668), has agreed to sell all of the assets of Camsing to Capital Supply Group Inc. Financial terms of the deal were not released, but the sale is expected to be completed over the next few weeks.
“I am very excited about the potential that comes with the history rich brands that we will be acquiring,” said Dan Reeb, managing director of Capital Supply Group, a private capital investment group. “The management team of Camsing Global signed up for a very tough task when they purchased these assets. I am most impressed with what they were able to accomplish with the limited resources that were available to them. We believe that with the right financial support and structure, these brands will be restored to greatness very quickly.”
Camsing is the parent company to supplier brands Adva-Lite, Avaline, Dart Business Accessories, Drinx, Falcon Promotional Products, It's All Greek to Me, StyleWrite, and Toppers. In a release, the company said it will use the capital from this acquisition to support the organization’s future growth. However, at press time, Camsing had yet to respond to Counselor’s inquiry for further details about the deal or any potential management or operational changes at the company moving forward.
Capital Supply Group, which has offices in New York, Arizona, and California, says that it anticipates making further announcements regarding plans for the acquired assets once the transaction is finalized. On its website, though, the company says that it tends to operate in concert with the existing management of the companies in which it invests. “Capital Supply Group works actively with portfolio company management teams to add value through a systematic approach to growth initiatives, operational improvements, international initiatives and add-on acquisitions,” the company writes on its website.
Camsing ranks as the 31st-largest supplier in the industry, after reporting 2013 North American ad specialty revenues of $44.2 million, a 19.9% decrease from the previous year. The company’s sales have dropped from a height of $74 million in 2010.
NOTE: Due to the overwhelming response from the recent press release, the staff at Camsing Global is recommending that distributors wishing to contact the company do so via email at email@example.com. This will be the most efficient way to communicate with the staff until further notice.