Coloring Book Solutions Announces Acquisition
Financial Terms Of Deal Not Released
Looking to broaden its offerings, Ohio-based Coloring Book Solutions (asi/45815) has purchased the assets of Coloring Book Advantages (asi/45789). Financial terms of the deal, which was completed on November 8 and announced this week, were not released.
“We really feel we can take their assets and fold them into our template, which has been successful,” said Don Myers, CEO of Coloring Book Solutions. “They have a lot of newly-created and fresh artwork, and a beautiful product line.”
Per the deal, Coloring Book Solutions has acquired all of Coloring Book Advantages’ inventory, artwork and customer account information. “We had first approached them a couple of years ago, but they didn’t want to do a deal,” Myers said. “The timing was good now and we started talking again over the last several months. They had struggled a bit and they were unfamiliar with our industry, but they really invested in their product line.”
According to Myers, Coloring Book Solutions has increased its sales by 10% each of the last two years. “We think this acquisition will add 20% topline to our business in 2014,” he said. “In year two following the deal, we’re looking at 30% and by year three 40% growth.” Hoping to capitalize further on its position, Coloring Book Solutions also has plans to introduce 100 new items next year. “This will be a significant launch for us,” Myers said.