PromoShop Reaches Deal With The Compleat Company
September 1, 2009
As first reported in a PromoGram Breaking News alert this morning, The Compleat Company (asi/166102) has joined with Counselor Top 40 distributor PromoShop Inc. (asi/300446) to create a new firm. Per the agreement, the former will now be called The Compleat Company-Powered by PromoShop, maintaining sales offices in Seattle while moving its corporate offices to Los Angeles. "We really have a lot in common when it comes to expertise and resources," says Memo Kahan, PromoShop president. "This will give us a chance to expand opportunities and provide services in the Pacific Northwest."
Kahan will continue to serve as president of PromoShop, while Matthew Mason of The Compleat Company has been named vice president of business development and E. Glenn Leimbacher has been named vice president of sales. All 11 Compleat Company employees, including six salespeople, will be part of the new firm. "This is a tremendous opportunity for both companies to join forces and expand their unique talents and strengths," Mason said.
According to Kahan, the deal was discussed and completed within three months. "They approached us," Kahan says. "Basically, we met, we talked and we made it happen."
PromoShop, which now employs more than 100 people in different offices, reported 2008 sales of $31.3 million. Kahan says The Compleat Company, established in 1989, generated 2008 sales of about $4 million. "We're really looking forward to the benefits of this deal," Kahan says.