Beacon Promotions Acquires Canyon Outback Leather Goods
Vol. 865
November 3, 2011
In a deal involving two New Ulm,
MN, companies, supplier Beacon Promotions Inc. (asi/39250) has acquired Canyon Outback
Leather Goods (asi/43766). Financial terms of the agreement, which was
completed on November 1, were not disclosed. “Beacon has a long history of
acquisitions and this was a deal that made all sorts of sense to us,” says Gary
Haley, Beacon’s president. “Adding a premium leather line is terrific.”
According to the terms of the deal, Canyon will continue to
produce its leather products in its current facility with no changes to contact
information, its ASI number, customer
service or order processing. Canyon’s owner, Jamie Cimino,
will no longer be active in day-to-day company operations, but has been
retained in a consultant role. All other Canyon employees – about a dozen in
total – will remain with the company. “We’re certainly focused on growth and
the fourth quarter is a busy time for Beacon and for Canyon,” Haley says.
“There will be no relocation of employees or equipment.”
Beacon, which offers items like calendars, drinkware and executive gifts, has plans to release its own
2012 catalog in December and will distribute Canyon’s new 2012 catalog in
January of next year. Haley says Beacon’s 2011 revenues are up “double digits”
and he’s optimistic the year will close with strong sales. The deal with Canyon
is the sixth acquisition made by Beacon in its eight year history. The company
also completed a partnership agreement in 2010 to become the exclusive industry
provider of certain Dri Mark products. |