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Galaxy Balloons Acquires Aspen Leaf
Volume 677
January 12, 2010

Completing its second deal in three months, Galaxy Balloons Inc. (asi/55675) has acquired Tennessee-based Aspen Leaf Printing (asi/37140). Financial terms of the deal were not disclosed. In November, Galaxy Balloons purchased the assets of AGA Balloons (asi/30119), which has remained in the industry as a manufacturer of memo pads, mugs and computer accessories. "After the AGA deal, I got a call from Aspen Leaf asking if we’d be interested in acquiring them," says Terry Brizz, president of Galaxy Balloons. "We were able to get a deal done pretty quickly and have it ready to announce for the start of the year."
Having built up a successful company that was founded in 1967, the owners of Aspen Leaf had been looking to downsize their operation. "We are getting ready to retire," says Larry Gunderson, president of Aspen Leaf. "Galaxy Balloons is an excellent company. We feel confident that they will continue to offer the same high-quality products and service that we have striven to maintain throughout the years."
As part of the transition, Aspen Leaf’s production will be relocated from Caryville, TN, to Galaxy Balloons’ 100,000-square-foot facility in Cleveland, OH. "It makes sense for us to do this deal because we have the infrastructure to take on more," says Brizz. "We have the capacity to print two million balloons in a week."
In November, Brizz admitted Galaxy’s sales had slipped 10% in 2009. However, Brizz now says Galaxy’s sales recovered with a 2% increase in the fourth quarter. He expects his company’s recent acquisitions to bring in more revenue. "I know it’s a tired phrase, but I’m cautiously optimistic about this year," Brizz says. "I feel good and believe business is coming back."

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