Illini Acquires Promolites
May 28, 2009
In a cash deal, Illini (asi/62190) has acquired the inventory and marketing rights of Illinois-based supplier Promolites (asi/43012). The deal effectively marks the exit of Promolites from the ad specialty market. "They approached us and the deal happened quickly this month," says Neil Fine, president of Illini. "This allows us to become more broad-based and continue to expand into reflective products."
For the remainder of 2009, Promolites will stay a separate line. In 2010, Illini will merge the Promolites line with its own. According to Fine, Illini suffered through an economic slump in 2008, with sales down 10%. The company is enduring a similar slide in 2009, but Fine is optimistic that sales will pick up. "We've improved our efficiency and we'll be introducing new products in 2010," he says. "We've been around for 60 years and we've had success, so we're going to keep doing business as usual."
Promolites, introduced to the ad specialty industry in 1997, manufactures illuminated safety products and light-up collectables. It's expected that the company will continue to develop its retail side.
Illini, which employs 100 people, specializes in housewares, automotive products and photographic novelties, like albums, globes, frames and key chains.