ThermoServ Acquires MugWorld
July 13, 2010
ThermoServ (asi/91080) announced on Friday that it has acquired MugWorld, a manufacturer of American-made decorative ceramic mugs. While financial terms of the deal were not disclosed, the companies said that MugWorld would remain at its headquarters in Gainesville, TX, and will keep its name. As per the deal, MugWorld will now serve as a product line under the ThermoServ umbrella.
Through the acquisition, ThermoServ is expanding into a new product line for the company – high-quality, American-made ceramic mugs and tiles. The addition of the MugWorld product line marks an expansion of ThermoServ’s drinkware line, which will now cover the full spectrum from economy to specialty drinkware. Established in 2002, MugWorld is known for its series of ceramic mugs, tiles, coasters, and trivets that feature elaborate artwork. In addition to holding more than 200 collegiate licenses, the company holds design rights for many branches of the military.
ThermoServ has been in existence since 1952. The company says it officially closed the MugWorld transaction on June 30 and is now accepting orders for the new division of its company.