InnerWorkings Acquires Origen
Counselor Top 40 distributor InnerWorkings Inc. (asi/231438) has acquired Origen Partners (asi/287747), an Atlanta-based distributor specializing in in-store displays, signage and other point-of-sale merchandising materials. “Origen Partners has an excellent reputation in the marketplace for its expertise in procuring and managing in-store merchandising collateral,” says Eric D. Belcher, president and COO of InnerWorkings. “Origen will be a valuable addition to the InnerWorkings family. Its entrepreneurial culture and successful track record make it a good strategic fit with InnerWorkings.”
The Chicago-based distributor initially approached Origen about a buyout, which was completed in October. Financial terms were not revealed. Origen has 35 employees, including nine sales representatives, and is expected to generate revenue of approximately $36 million in 2008. “Our partnership with InnerWorkings will allow us to further develop our existing customer base and approach new clients with a comprehensive print management offering,” says Origen CEO Michael Stoecker.
According to Belcher, Origen will keep its name in the short term but may eventually be re-branded to Innerworkings. Stoecker and the Origen management team will remain in place. The deal allows Innerworkings to expand its geographical presence. “The acquisition furthers expands our presence in the southeast region,” Belcher says. “It also adds to our expertise in in-store displays, an important product category for us.”
InnerWorkings acquired Top 40 distributor Corporate Edge last November, and the combined operation reported North American ad specialty revenues of $83 million for 2007.