R.S. Owens Acquires PictureFrames.net
April 9, 2009
Awards supplier R.S. Owens (asi/75530) announced yesterday that it has acquired PictureFrames.net (asi/78068). Financial terms of the deal were not disclosed. "This is an excellent fit for Owens and for PictureFrames.net," says Owens President Scott Siegel, "as well as an acquisition that our customers and existing PictureFrames.net customers will benefit from. Picture Frames.Net is a strong niche player in the promotional products industry, with exclusive lines and contemporary, innovative products that complement our existing business."
Andy Arruda, former owner of PictureFrames.net, will be joining the Chicago-based supplier as a divisional sales manager. He will train Owens reps about the frames business as well as work the company's southeast territory. It is yet to be determined whether any other PictureFrames.net employees will join the company. Owens will likely keep the PictureFrames.net name through the end of the year. "We think there's a lot of brand equity to PictureFrames.net," says Larry Maloney, vice president of marketing and sales for Owens, "so we're not quite sure what to do with that yet, but we think there's some strength there, particularly with the name brands they carry."
Owens has already begun taking orders for picture frames; talks between the two companies had occurred for a couple months with an eye on making sure integration was seamless. "This is an exciting development for Picture Frames.Net and its customers," Arruda says. "This furthers our commitment to remaining the leading picture frame supplier in the promotional products industry."