Camsing Completes Acquisition Of Corvest
Vol. 795 
March 3, 2011

As first reported in a Breaking News Alert, Camsing Global has finalized its acquisition of Top 40 supplier Corvest. While the deal was initially scheduled to be completed by the end of January, Camsing completed the transaction yesterday afternoon with Cerberus Capital Management, Corvest's senior secured lender, and will take possession of the company's assets within the next 10 to 15 days.

Billy Dolan, CEO of Camsing Global, said that the acquisition allows Corvest's supplier brands to be reenergized in the marketplace. "Today marks a fresh start for the Adva-Lite, Toppers, and It's All Greek To Me brands and the rebuilding of three very important legacy go-to choices for distributors within the promotional products industry," he said.

For Corvest, the ownership change is its second in the past year, after being purchased in March 2010 by equity firm Siglo Holdings. However, Counselor has learned that Cerberus Capital, the company's owner prior to Siglo, remained the senior secured lender for Corvest until the transaction with Camsing officially closed yesterday. Cerberus previously told Counselor that it had "no comment" on any deals. As the parent company of Adva-Lite (asi/32145), It's All Greek To Me (asi/62960) and Toppers (asi/91530), Corvest was ranked by Counselor as the 22nd-largest supplier in the ad specialty industry last year.

Earlier this year, Camsing completed a separate stock transaction to acquire Senator Promotional Group USA (asi/86390), and Dolan expects both of Camsing's new units to see growth in 2011. "Since the acquisition of the Senator brands back in January, we have seen some exciting growth in both brands (Corvest and Senator) versus last year and expect the momentum to continue throughout 2011," he said.

Camsing Global, which has U.S. offices in Rochester, NY, and Winona, MN, offers sourcing to ad specialty industry suppliers, while also, as the holding company to China Imprint (asi/43016), providing products and services to distributors. Guangzhou Camsing Limited, which has 3,000 employees on three continents, promotes itself as one of the largest manufacturers of promotional products in China. With China Imprint, Corvest and Senator combined, Camsing is expected to be among the 10 largest supplier organizations in the North American ad specialty industry.