Top 40 supplier Lanco (asi/66224) has officially been acquired by an affiliate of NC Chocolate Manufacturing LLC (NCCM), the parent company of Chocolate Inn/Taylor & Grant (asi/44900), the companies have announced. Financial terms of the deal were kept private. Lanco will retain its name and will continue to operate in its existing facility on Long Island in New York.
In a news release, company principals said the deal marks NCCM’s sixth and largest acquisition in the promotional products market. The acquisition is especially notable, principals said, because it actuates a strengthening of NCCM’s food offerings (like Lanco’s chocolate foiled squares), while also being the firm’s first major expansion beyond the food category into product lines that include drinkware, bags, hand sanitizers, lip balms, microfiber products, technology accessories and more. “We are also proud to retain 100-plus jobs on Long Island and to continue to support Long Island manufacturing as a leader in the promotional industry,” said Lance Stier, managing member of NCCM. Indeed, principals emphasized that Lanco is open and operating and serving distributors.
In January, Chocolate Inn/Taylor & Grant expects to unveil a “Best of Chocolate Inn / Lanco” catalog. The catalog could spotlight best sellers from the businesses. Furthermore, company principals said that new kits that will feature best-selling products from both lines are in the works. “We believe these businesses are highly synergistic,” said David Miller, president of Chocolate Inn/Taylor & Grant. “Our customer bases and product lines are highly complementary. Plus, we are very excited to invest capital into developing new products and new capabilities for our expanding customer base.”
Scott Slade, president of Lanco, was optimistic about the future. “I am thrilled to have Lanco join the Chocolate Inn family,” said Slade. “I am looking forward to working with their team and creating a customer experience that will be unmatched in the industry. Joining forces will allow us to build upon the foundation of our business – the customer-first focus. Chocolate Inn’s business model will allow us to bring Lanco’s customers industry-leading capabilities, including product innovation, increased in-stock levels and exemplary service.”
With estimated 2016 North American promotional product revenue of $55.7 million, Lanco ranked 30th on Counselor’s 2017 list of the largest suppliers in the ad specialty industry by revenue. Founded more than 50 years ago, Chocolate Inn/Taylor & Grant manufactures custom chocolate, mints and candy. A subsidiary of Nassau Candy, Chocolate Inn/Taylor & Grant exclusively services distributors in the promotional products industry.