Acquisition Marks PCNA Entry Into Apparel Category
April 19, 2011
As first reported in a Breaking News Alert, Counselor Top 40
supplier Polyconcept North America (PCNA) has
acquired Trimark Sportswear Group (asi/92122), an
apparel supplier based in Ontario, Canada.
While financial details of the transaction weren’t released, PCNA said it
purchased a controlling interest in Trimark from
Weston Presidio, a private equity investor. For PCNA, which is the parent
company of Bullet (asi/42424), Journalbooks
(asi/91340) and Leed’s (asi/66887), this deal marks
its first move into the promotional apparel category.
"Apparel was a natural next step for PCNA," said
David Nicholson, president of PCNA, in an exclusive interview with Counselor.
"We have significant experience in the category via our European division
(PF Concept) and it is the largest category here in North America."
Yann Leca, CEO
of Polyconcept Supplier Group, said: "We could
not have imagined a better way to enter North America's
largest category, which we already lead in Europe with
PF Concept. Trimark has proven category expertise and
a strong market reputation. We will now have the opportunity to tap into each
other's sourcing and product development capabilities, which will enrich both
Nicholson confirmed that Trimark,
which currently has 100 employees in its Richmond Hill,
Ontario facility, will continue to operate
as a separate entity with no change in its management or sales teams. Trimark's Chief Executive Officer, Derrick Milne, and
President/Chief Operating Officer, Will Andrew, will continue to lead the
organization and will serve on PCNA's management
committee. Additionally, the Milne family and Andrew have increased their
investment in the company as part of the transaction. All distributor programs,
policies and terms will remain in place and there will be no change to Trimark's daily operations.
Milne told Counselor that Trimark
and PCNA had actually first talked about a deal four years ago, and recently
began talks again. "There is a great fit between our companies," said
Milne. "The leadership position that Leed's in
particular has enjoyed in the U.S.
market is similar to the leadership position that we have in Canada
on the apparel side. We will only strengthen relationships with our
distributors by sharing information, best practices, purchasing power and
decorating expertise with Polyconcept."
PCNA, which reported $320.1 million in 2010 North American
ad specialty sales, ranked as the fourth-largest supplier on Counselor's Top 40
list last year. Trimark last appeared on the
Counselor Top 40 in 2004, at which point it sold River's End Trading Company
and focused its sales efforts entirely on the Canadian market.