"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.
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.
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.
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%.
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