Broder Acquires Imprints Wholesale
Gross Amount Paid Was $29 Million
As first reported in a Breaking News Alert yesterday, Counselor Top 40 supplier Broder Bros. Co. (asi/42090) has acquired fellow supplier Imprints Wholesale (asi/62486). In a public filing, Broder said that the gross amount paid for the Imprints capital stock, as well as other rights and interests, was $29 million. As part of the deal, Scott Lynes, the selling shareholder of Imprints stock and CEO of Imprints Wholesale, will now become president of the western region of the combined operation.
Founded in 1987, Imprints Wholesale employs about 150 people and operates five distribution centers throughout the West and Midwest regions. "The Imprints Wholesale acquisition is a big win for customers of the Rocky Mountain, Midwest and West Coast regions," said Norm Hullinger, Broder CEO. "We have a tremendous opportunity to leverage our collective expertise with an even better service and product offering to customers in these states."
Following the deal, Imprints Wholesale will continue to operate under the Imprints name, its website will remain the online contact point for the company, and it will continue to produce a dedicated Imprints Wholesale catalog. Also, Imprints customers will continue to interact with the same customer service, inside sales and outside sales teams that they've worked with in the past. In the months to come, the companies say, they will be integrating key services and product line offerings.
"Imprints is very excited about joining the Broder Bros. team," said Lynes. "We think Broder has a great business model and brand reputation and we look forward to contributing our best practices and being a partner of the industry leader."
Broder Bros. ranks as the largest supplier in the industry, after reporting 2011 North American ad specialty sales of $483 million. Last month, the supplier named Hullinger as its CEO, taking over for Tom Myers, who left the company in August. The acquisition of Imprints Wholesale is the first by Broder since 2006 and the first since private investment firm Littlejohn & Co. assumed control of Broder's board of directors in July 2012.