Sunscope Acquires Affinity
August 11, 2009
Completing its second acquisition in as many weeks, Counselor Top 40 supplier Sunscope (asi/90075) has purchased California-based Affinity (asi/33150). Financial terms were not disclosed. "In looking at Affinity, it was like looking into a mirror on a smaller scale," says Sunscope COO Dilip Bhavnani. "Affinity is run by a third-generation family member. It's a completely debt-free company, with great clients. Also, customer service is paramount in what they do."
Established a century ago, Affinity manufactures leather and vinyl products, generating annual revenues of under $3 million. Its CEO, Herb Fisher, will continue to lead the company, which is transferring its small staff to Sunscope's headquarters in Commerce, CA. "Sunscope's backing will create new opportunities and exciting possibilities for the business," said Fisher, in a statement.
According to Bhavnani, the deal was negotiated quickly. "It was done in a matter of weeks," he says. "Affinity offered us a product category that we've not traditionally been a player in."
The announcement of the Affinity acquisition comes only one week after Sunscope's purchase of New Jersey-based Premium Shapes (asi/79387). "We're still looking to be aggressive in finding ways to grow our business, either organically or through acquisitions," says Bhavnani.