Corporate Imaging Concepts (asi/168962) announced it has been acquired by a new equity partner. Private equity firm Berkley Capital, LLC purchased the stake in the distributor that was formerly held by Cardinal Equity Partners and Aldine Capital Partners.
“Berkley Capital has an incredible knowledge of the promotional products space and has the experience and resources to scale our company while leveraging our technology platform,” said Brian Abrams, founder and CEO of Corporate Imaging Concepts (CIC), in an exclusive interview with Counselor.
When Abrams and his wife sold their majority interest in CIC to Cardinal Equity in 2013, Abrams said their goal was to reach $50 million in revenue within the next to four to five years. Now that they have achieved that milestone, Abrams says the new goal is to reach $100 million in sales by 2019.
“Over the past three years, Berkley Capital has been searching for the right platform investment in our space and we are lucky enough to now be their partners,” Abrams said.
Two of Berkley’s executives will now join Abrams on CIC’s Board of Directors: President Frank Medici and Managing Director Thomas Ghegan. Abrams will be the chair of the board as he and his wife have retained a significant minority stake in the company.
“We look forward to partnering with CIC’s management team to build upon the company’s strong foundation and ensure it has the resources to capitalize on opportunities going forward,” Medici said in a press release. “By supporting CIC’s continued growth, we’ll enable the company to remain independent as it reaches new heights.”
Berkley Capital is the private equity investment vehicle of W. R Berkley Corporation, a Fortune 500 property and casualty insurance company.
Abrams says there will be no changes for customers aside from an influx of new resources, and that more employees will be added as the company expands. CIC’s headquarters will remain in Northbrook, IL.