Image Source Acquires Sister Company
October 12, 2010
Kirkland, WA-based distributor Image Source (asi/230121) has acquired Branded Solutions by Edgar Martinez (asi/145076), merging two companies that have closely partnered for several years. Martinez, the former Major League Baseball all-star, will continue with the combined company, serving on its board of directors. "This was always in the back of our minds and we think it just makes sense to bring the two companies together," says Jeff Holt, vice president of marketing for Image Source. "This integration positions us to take advantage of the economic recovery."
Even prior to the acquisition, according to Holt, Image Source and Branded Solutions shared operational space and management teams. Now, per the deal, Image Source's sales staff will be expanded by several people, with still more hiring expected. "We're up to 11 sales teams and two dozen employees," Holt says. "We have room to grow and we're aiming for 100% retention of our clients." Adds Martinez: "The integration of our two companies is great. I'm excited at the prospect of the next phase of growth for Image Source."
With clients that include Microsoft, Nintendo, the Seattle Mariners and Starbucks, Image Source expects to generate more than $10 million in revenues in 2010. "Things have really rebounded from 2009," Holt says. "It was a rough road for about 18-24 months. But for the companies that have weathered the storm, good things are ahead. We're up well over 20% this year, with our core business coming back."