JP Promotional Acquires Ace Promotional
Vol. 800
March 22, 2011
Ossining, NY-based JP Promotional Products (asi/232668) has
acquired the assets of Roselle Park, NJ-based distributor Ace Promotional
Products (formerly asi/103515), the companies have announced. Financial terms
of the deal have not been disclosed. "We've decided that it's time for us
to grow through acquisitions," says Bob Rosenthal, chairman of JP
Promotional. "We've bucked the economy over the last few years and we've
done well. This was the case of a willing seller and a willing buyer."
The deal with Ace, which closed on March 4, is the first
acquisition made by JP Promotional. Bob Milici, the owner of Ace, won't have a
formal role with JP Promotional, but he has agreed to help ensure a smooth
transition. At its peak, Ace generated annual revenues of $400,000, according
to Rosenthal. "It was the right size and location for us," he says.
"We want to continue to expand into the tri-state area."
Founded seven years ago, JP Promotional employs four people,
including three in sales. Annual revenues eclipse $1 million, Rosenthal says.
"Without the Ace deal, we'd be up 15% this year," he told Counselor.
"We're going to continue to look to acquire smaller distributors and we
feel we have an attractive package to offer."
|