BIC To Acquire European Supplier
BIC Group, the parent company of Bic Graphic USA (asi/40480), has reached an agreement to acquire European-based Antalis’ Promotional Products (APP). BIC will pay at least $52.9 million (33 million euros) when the deal is completed during the first quarter of this year. Reached by phone, former BIC Graphic USA CEO Jack Teague said he could not comment on the pending acquisition or its impact on the American ad specialty unit of BIC until the deal is finalized.
APP, which employs 320 people, distributes a variety of promotional products including pens, watches, T-shirts and business gifts. Managed in Hong Kong, APP sells to more than 15,000 distributors in 40 countries in Europe and Africa. Company revenues in 2008 were approximately $125 million (90 million euros). “This acquisition is a real opportunity to strengthen our promotional imprinted products position in Europe and to become a global full service supplier,” says Mario Guevara, BIC Group CEO. “The combined scale of our current BIC Graphic business plus Antalis’ Promotional Products will create value and give us leverage in the coming years.”
BIC Graphic USA is a Counselor Top 40 supplier (number six in 2008), generating North American ad specialty sales of $191 million in 2007.