LarLu Acquires McArthur Towel
Dec. 28, 2010
LarLu Manufacturing (asi/66390) has announced that its parent company, WinCraft Incorporated, has acquired supplier McArthur Towel and Sports. Financial terms of the deal were not disclosed. Per the agreement, McArthur will remain in Baraboo, WI, and will become a division of WinCraft. "This deal just made sense for us and helps us to complement our other products," said Joe Durand, senior vice president of LarLu. "We're looking for big growth and to double our sales in promotional products."
Founded in 1885, McArthur was an industry supplier as recently as 1998, with annual revenues in the range of $5 million-$10 million, according to Durand. The company is well-known in the retail market as a manufacturer of beach, bath and sports towels. In fact, McArthur produces towels for the Super Bowl, World Series, Stanley Cup and NBA playoffs, as well as most NCAA championships. "They do the Gatorade towels that you see on sidelines of sporting events," said Durand.
According to Durand, Greg McArthur will remain president of McArthur Towel, with Dick Pope becoming CEO of the merged companies. In the coming weeks, WinCraft will present a new catalog, which will include 30 pages of McArthur products. "We're able to offer some new decorating capabilities with low minimums and full color towels," said Durand. "As companies, our computing systems, product lines and decorating capabilities are already in sync. We're ready to sell."