Touchstone Acquires Triko
June 25, 2009
After several months of talks, Ohio-based Touchstone (asi/345631) has acquired Triko Marketing (asi/346844), the companies have announced. Financial terms of the deal were not disclosed. This is the first company acquisition made by Touchstone in its 13-year history. “Our model is a little bit different than other companies,” says Steve Paradiso, COO of Touchstone. “We’re not interested in buying up revenue. We’re more interested in the individual.”
As part of the deal, Peter Cromwell, president and CEO of Triko, will join Touchstone to focus on large account acquisition. His position will be senior vice president of strategic partnerships. “I’m excited about being part of something that sets the standard in the industry,” Cromwell says. “It’s definitely great to come aboard with all the capabilities that Touchstone has.”
According to Cromwell, Triko produced annual sales in the “high six figures” range. At its peak, the company, which was founded a decade ago, employed 11 people. However, most recently, Cromwell ran the business entirely by himself. He had been looking for sometime for a business partner who would embrace his ideas. “I know the high-end sales acceleration program I’ve used works,” Cromwell says. “It just needs more financial backing and support.”
With a staff of 80 people, Touchstone reported 2008 sales of $20.5 million. The company was recently named the winner of the Counselor Fastest Growing Distributor Award for 2009. According to Paradiso, Touchstone is “likely” to complete other acquisitions, similar to the Triko deal, before the end of the year. “I’m extremely optimistic about the business in general,” Paradiso says.