BIC Completes Acquisition Of European Supplier
March 24, 2009
BIC Group, the parent company of BIC Graphic USA (asi/40480), has finalized an agreement to buy European-based Antalis' Promotional Products (APP) for approximately $53 million (33 million euros). The deal, first announced in December, is expected to further strengthen BIC's presence worldwide. "Plans for each geographic market will be addressed and rolled out in the coming months," says Lori Bauer, marketing manager for BIC Graphic USA & Canada. "We look forward to the opportunities this acquisition represents to BIC Graphic globally."
APP, a company of 320 people, distributes a variety of promotional products including pens, watches, T-shirts and business gifts. Managed in Hong Kong, APP has sold to more than 15,000 distributors in 40 countries in Europe and Africa. Company revenues in 2008 were approximately $120 million (92 million euros). "The combined scale of our current BIC Graphic business plus Antalis' Promotional Products will create value and give us leverage in the coming years," says Mario Guevara, BIC Group CEO.
BIC Graphic USA is a Counselor Top 40 supplier (number six in 2008), generating North American ad specialty sales of $191 million in 2007.