Camsing Completes Acquisition Of Corvest
March 3, 2011
As first reported in a Breaking News Alert, Camsing Global has finalized its acquisition of Top 40
supplier Corvest. While the deal was initially
scheduled to be completed by the end of January, Camsing
completed the transaction yesterday afternoon with Cerberus Capital Management,
Corvest's senior secured lender, and will take
possession of the company's assets within the next 10 to 15 days.
Billy Dolan, CEO of Camsing Global, said that the acquisition allows Corvest's supplier brands to be reenergized in the
marketplace. "Today marks a fresh start for the Adva-Lite,
Toppers, and It's All Greek To Me brands and the
rebuilding of three very important legacy go-to choices for distributors within
the promotional products industry," he said.
For Corvest, the ownership change
is its second in the past year, after being purchased
in March 2010 by equity firm Siglo Holdings. However,
Counselor has learned that Cerberus Capital, the company's owner prior to Siglo, remained the senior secured lender for Corvest until the transaction with Camsing
officially closed yesterday. Cerberus previously told Counselor that it had
"no comment" on any deals. As the parent company of Adva-Lite (asi/32145), It's All
Greek To Me (asi/62960) and Toppers (asi/91530), Corvest
was ranked by Counselor as the 22nd-largest supplier in the ad specialty
industry last year.
Earlier this year, Camsing
completed a separate stock transaction to acquire Senator Promotional Group USA
(asi/86390), and Dolan expects both of Camsing's new
units to see growth in 2011. "Since the acquisition of the Senator brands
back in January, we have seen some exciting growth in both brands (Corvest and Senator) versus last year and expect the
momentum to continue throughout 2011," he said.
Camsing Global, which has U.S.
offices in Rochester, NY,
and Winona, MN,
offers sourcing to ad specialty industry suppliers, while also, as the holding
company to China Imprint (asi/43016), providing products and services to
distributors. Guangzhou Camsing Limited, which has
3,000 employees on three continents, promotes itself as one of the largest
manufacturers of promotional products in China.
With China Imprint, Corvest and Senator combined, Camsing is expected to
be among the 10 largest supplier organizations in the North American ad