Financial terms of the deal were not released, but it results in Prime immediately taking over the full Points of Light product line.
"We started discussing the opportunity to make a deal in January and just hit it off. Points of Light was a perfect match and fit the right profile for Prime in terms of having innovative, patented items at very competitive prices," Jeff Lederer, president of Prime, told Counselor. "Many of these items are $2 and under, including several items for the health care market. This was another important factor in us wanting to do this deal."
Lederer said that Prime will be working closely with Points of Light management and staff during a period of transition. "The Points of Light team ran a great company," he said. "We will be working very closely with them during the transition trying to figure out the best way to integrate Points of Light into our company as quickly as possible. We want the smoothest transition, so for now, everything will remain the same. Until further notice, distributors should continue sending orders to Points of Light. Eventually, everything will transition to Prime."
Ben Goldstein, former owner and board chairman of Points of Light, said he believes Prime is well positioned to continue the growth of the Points of Light line of products. "I couldn't imagine better partners than Prime Line and the Lederer family to take Points of Light to the next level," he said.
This is Prime's third acquisition since the beginning of 2014. The company also purchased factory direct sourcing lines Source Abroad (asi/88242) and Get it Global in January. Last year, Prime was the 24th-largest supplier on the Counselor Top 40, and the company has continued to grow after reporting an 11% increase in 2013 revenues.