Image Award Ribbons Acquires MelRose Ribbons
September 14, 2010
Image Award Ribbons (asi/62195) announced yesterday it has completed its acquisition of MelRose Ribbons (asi/70525). No financial details were revealed. "We are excited to announce an agreement with MelRose Ribbons," said Image Award President Rick Hodges. "I am confident this move puts Image in a position for continued growth and profitability."
According to Jessica Willis, Image's trade show specialist and marketing manager, the supplier does about $10 million a year in sales and has over 160 employees. The company now expects to bring over about 200-plus distributors that did business with MelRose, which was based in Fresno, CA. "The plan was to get a bigger foothold with customers in the West Coast," Willis says. "Obviously we intend to keep as many of MelRose's customers as possible. Given that our product lines are so similar, we see no reason why this wouldn't happen."
Image, which is based in Portsmouth, RI, will bring some of MelRose's specialized equipment to the supplier's Missouri facility. Willis says that none of MelRose's employees or senior leadership will be joining Image.