Supplier firm Tempo Industries (asi/90859) has acquired the assets of APN Corporation (asi/30212), the makers of the Ribbon Badge Line. While financial terms of the transaction were not released, the companies said that APN’s New Hyde Park, NY, factory will close as a result of the deal and all of its operations and equipment will be moved to Tempo’s Westbury, NY, facility.
“We are thrilled to be able to add APN’s well-established line of ribbons, sashes and related products to Tempo’s line of USB flash drives, pens, tools and other products,” said Stuart Braunstein, president of Tempo Industries. “This addition enables us to immediately be a major supplier in the ribbon category, to offer a new product line to our existing customer base, and to offer Tempo’s product line to APN’s customer base. The two companies’ shared vision of excellent product quality and award-winning customer service made this a natural fit.”
For Tempo Industries, this is the company’s third acquisition within the past five years. It purchased Jayline in 2009 and Timenet in 2012.
Apothecary Products Acquired by Equity Firm
Minnesota-based supplier Apothecary Products (asi/36545) has been purchased by Norwest Equity Partners (NEP). Financial terms of the deal were not released.
“I am very proud of the strong business our team has built and am excited about the future possibilities with our new investment partner,” said Terry Noble, founder of Apothecary Products. “NEP’s investment capital, coupled with their experience in the consumer health-care products industry and working with family-owned businesses, will help Apothecary continue to achieve its growth plans and mission of designing and sourcing the most innovative and critical pharmacy products available.”
Noble will remain as an investor in Apothecary, according to an NEP statement. “On behalf of the NEP partnership, we are impressed with Apothecary’s solid reputation, long-term customer relationships, category leadership and solid financial performance,” said Tim Kuehl, an NEP partner.
GE Capital, BMO Capital Markets, Golub Capital and Norwest Mezzanine Partners provided additional financing for the deal, NEP said.