Corvest Acquired By Investment Firm
March 5, 2010
Counselor Top 40 supplier Corvest has been purchased by investment firm Siglo Holdings. The supplier, which is the parent company of Adva-Lite (asi/32145), It's All Greek To Me (asi/62960) and Toppers (asi/91530), said last week it had a deal in place with a purchaser and went public with the company's identity this afternoon.
"The company will be infused with capital to make immediate purchases to enhance its inventory position," said Bernard Findley, the new CEO of Corvest. "Corvest will also benefit from adding several new categories to its product line, many of which are already being manufactured out of our facility in Mexico."
The acquisition brings Corvest access to Siglo's 70,000 square feet of manufacturing, warehouse, distribution and office space in Santa Fe Springs, CA and Tijuana, Mexico. "The additional manufacturing facility will allow Corvest to lower its costs and reduce lead times within its product categories," said Catherine Pilgrim, Corvest's senior vice president of sales.
Corvest, based in Largo, FL, is the 19th largest supplier in the market.