Wednesday 23 December 2020

Koozie Group Acquires IMAGEN Brands

As one of the largest suppliers in the promotional products industry, Koozie Group offers the most comprehensive product assortment with the widest variety of decoration methods. They operate 5 facilities in the United States and a highly strategic product sourcing operation in Hong Kong and mainland China.

In most recent news, they have acquired fellow Top 40 supplier IMAGEN Brands in a new deal announced yesterday. The financial details of of the deal have yet to be released.

Sources from the Koozie Group states that the acquisition will not disrupt IMAGEN's everyday operations. In addition, executives for Koozie Group noted that all sales, service and operations teams will continue to function separately as IMAGEN Brands. IMAGEN is the parent company of Crown and Vitronic which joined the brand in 2016. They specialise in items such as rainwear, drinkware, headgear and houseware.

Paul Lage, IMAGEN Brands President

It is said that IMAGEN's current president, Paul Lage, a member of the Counselor's Power 50 will not be joining the transition into Koozie Group. However, some members including VP, Lisa Lemond will be remaining in their roles and reporting directly to Koozie's CEO, David Klatt.

"In addition to the increase in resources and marketing support, Koozie Groups plans to invest in IMAGEN Brands business to better serve their customers," the company said in a statement.

Koozie Group is a portfolio company of private equity firm H.I.G. Capital. CEO,Klatt said the firm’s support was instrumental to making the acquisition. The acqusition is part of their long-term plan for sustainable growth within the promo products marketspace. 

In the Counselor's latest list of the largest suppliers in the industry, Koozie Group and IMAGEN Brands ranked 7th and 26th respectively.

IMAGEN Brands, recent sales tally is far into 8 figures, however the company has struggled in recent years. Its 2019 revenue total was down 3.8% from 2018 with the company’s 5-year average annual growth being -2.6%.

Koozie Group has also had its struggles of late, with year-on-year revenue down 1.3% in 2019 even as the promo industry experienced a record year for distributor sales of $25.8 billion. The firm’s five-year average annual growth rate is also negative: 0.8%.

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