Camsing Global To Acquire Corvest & Senator USA
Jan. 6, 2011
As first reported in separate Breaking News announcements yesterday, ad specialties manufacturer Camsing Global LLC has announced its intention to purchase Counselor Top 40 supplier Corvest and has acquired Senator Promotional Group USA (asi/86390). The Corvest acquisition, which is an asset purchase, is expected to close by the end of this month. The Senator deal is a stock purchase, which has already closed. "It's a home run to get both deals done at the same time," said Billy Dolan, CEO of Camsing, in an exclusive interview with Counselor this morning. "The two companies have complementary product lines, and merging all of it together will provide synergies and growth opportunities for both."
Dolan says Camsing Global, which is the North American division of China-based Guangzhou Camsing Limited, will now be the parent company for the Corvest and Senator Promotional Group USA brands. The company expects to release a full integration plan for its new subsidiaries in the next 30 to 45 days, but Dolan says the focus will be on individual supplier brand names in the market. Counselor has confirmed that Jason Miller, president of Corvest, will remain in his leadership role, while Bob Tidwell, the president and CEO of Senator USA, has resigned his position effective with the transaction.
Camsing Global, which has offices in Rochester, NY, and Winona, MN, offers sourcing to ad specialty industry suppliers, while also, as the holding company to China Imprint (asi/43016), providing products and services to distributors. Guangzhou Camsing Limited, which has 3,000 employees on three continents, promotes itself as one of the largest manufacturers of promotional products in China.
For Corvest, the pending ownership change will be its second in 10 months, after being purchased in March of last year by equity firm Siglo Holdings. The parent company of Adva-Lite (asi/32145), It's All Greek To Me (asi/62960) and Toppers (asi/91530), Corvest is ranked by Counselor as the 22nd-largest supplier in the ad specialty industry. "Corvest had been looking for additional capital to help the business, while at the same time working with Camsing on critical product sourcing initiatives. Camsing was exploring possible acquisition targets within the supplier network, as well," Miller told Counselor. "Not many companies get the opportunity to court one another like we did before they get married. Strategically this was a perfect fit for both companies."
Senator Promotional Group USA, which was formed in 2008 after Senator Worldwide purchased Dart Business Accessories, is headquartered in Dallas. Senator Worldwide is owned by The Merz-Group, a family-owned pharmaceutical company based in Germany.