InnerWorkings Acquires CPRO, Expands Into Latin America
Feb. 4, 2011
As first reported in a Breaking News Alert, Counselor Top 40 distributor InnerWorkings (asi/168860) has acquired print management firm CPRO Services Ltd. (asi/169544). CPRO, which is based in Santiago, Chile, has more than $22 million in annual revenues and employs more than 50 people. The company currently operates in 12 countries in Central and South America.
“CPRO has an excellent reputation in the marketplace for driving cost savings throughout the print supply chain,” said Eric Belcher, president and CEO of InnerWorkings. “Moreover, the acquisition of the leading multi-national print management firm in Latin America will provide an established base from which to grow InnerWorkings’ business. The expansion of our presence in Latin America is consistent with management’s strategy of growing [our] geographic footprint to better meet the needs of our global clients.”
As part of the deal, Carlos Mena, president and CEO of CPRO, and his management team have committed to long-term employment contracts to remain with InnerWorkings. “This acquisition provides our business with the opportunity to offer additional services to our existing clients, such as Unilever, Nestle and LAN Airlines,” Mena said. “We recognize that our client roster includes important global organizations, and as such, requires global solutions.”
InnerWorkings ranks as the 17th-largest distributor in the industry, with more than $75 million in annual North American sales of ad specialties. The publicly-listed company (Nasdaq: INWK) generates more than $400 million in overall annual revenues. InnerWorkings will report its full-year 2010 revenue and profit results on February 15.