Vitronic Acquires Andrew Philips
Financial Terms Of Deal Not Revealed
As first reported in a Breaking News Alert on Tuesday, supplier firm Vitronic Promotional Group (asi/93990) announced that it has acquired Andrew Philips-Millennium Leather LLC (asi/36205). Financial terms of the deal were not revealed, but the transaction was effective as of September 6.
"I anticipate the Andrew Philips brand will become a core product offering for Vitronic," Lori Kates, general manager of Vitronic Promotional Group and president of the EBSCO Promotional Group, told Counselor. "They are known for their fine workmanship, their attention to style and design, and their application of superior quality materials. This is a natural extension of Vitronic's leading position in the interpretation of fashion trends and styles in the promotional market."
As part of the transaction, Philip and Donna Kahan, former owners of Andrew Philips-Millennium Leather, will join the Vitronic organization. Philip will be the regional sales manager for New York City and New Jersey. Donna will join the supplier's product development team, focusing on leather products in the Andrew Philips collection. Kates said that there were "a small number" of Andrew Philips employees impacted by the sale. "They will be working with us during a brief transition as operations are moved to our 300,000-square-foot facility in Doniphan, MO," Kates said. "The employees have been provided a package to assist them in the future."
Vitronic Promotional Group reported to Counselor that it had 2012 North American ad specialty revenues of $32.4 million, which was a 4.3% increase over the company's sales the previous year.