Wisconsin-based Magellan Promotions has acquired Incentive Gallery (formerly asi/230734) – a distributorship based in Milwaukee, the companies have announced. The deal closed in April, and the financial terms were not released.
Former Incentive Gallery owner Linda McCabe, a solo operator who founded the firm in 1996 and ran it from home, will serve as a consultant to Magellan for a year, helping to transition her customers before retiring. The acquisition adds about 80 clients to Magellan, which has worked with approximately 700 customers over the last two years.
“Incentive Gallery had a wide range of different clients in the Milwaukee area, and this helps us build our local client base up even higher,” Magellan Owner Michael Wolaver told Counselor.
Founded in 2005, Magellan is a six-person company that earned more than $1 million in sales in 2016. Wolaver told Counselor that last year’s sales were up 10% over 2015. The distributorship aims to top 2016’s annual tally by 20% this year. “Right now, we are tracking ahead of that goal,” said Wolaver.
When it comes to markets, Magellan has found a sweet spot servicing institutions of higher education. “We work with more than 150 universities nationwide,” says Wolaver, adding that referrals have been the primary driver of new business. “We are not just a provider of products. We are a provider of ideas.”