Bankers Pen (asi/38285) has finalized its purchase of Gotham Pen & Pencil (asi/57860) after three months of incorporating Gotham’s operations into the Bankers Pen system. Management expects final integration to be complete over the next two weeks.
“Timing is everything,” Richard Danziger, president of Bankers Pen, told Counselor. “Marshall Futterman [president of Gotham] had planned to retire and reached out to us because of our diverse USA-made and -assembled product offerings. The thinking was that Gotham’s USA-made highlighter/pens and pocket tools would be natural additions to what Bankers was already offering. With most of Gotham’s product line now incorporated into Bankers, we are now able to reap the opportunities of cross-marketing Bankers’ products to Gotham’s customers and Gotham’s products to Bankers’ customers.”
Danziger reports that adjusted gross sales for both Bankers and Gotham was up 7.3% in the first quarter of 2016 from the previous quarter. The combined companies have 37 employees.