Pittsburgh-based distributor HDS Marketing Inc. (asi/216807) has acquired Stuart & Associates (asi/338407), a printing and promotional products company with offices in Cleveland and Columbus, OH. While financial terms of the deal were not disclosed, the acquisition will bolster HDS’s annual revenue to approximately $32 million.
“Our acquisition of Stuart & Associates complements our goals of expanding into new markets, and adding printing and paper collateral services,” said Howard Schwartz, CEO and founder of HDS. “This is just one more step toward becoming a vertically integrated company that meets the demand for consolidation in today’s business climate. Many of our clients that purchase promotional products also purchase print marketing.”
HDS now has operations in Kansas City, Phoenix, Cleveland, and Columbus in addition to its headquarters in Pittsburgh. The company offers decoration services (including embroidery and screen printing) as well as direct importing.
Craig McAllester, president and owner of Stuart & Associates, said that the firm had been "down the acquisition road" before, but that no opportunities had felt quite right until HDS came along.
“This one seemed like the right fit from the beginning,” said McAllester. “I wanted to align Stuart & Associates with a company that has the same core values as our employees and one that could give our company the tools to service our clients well into the future.”