4imprint Group to Sell Brand Addition Division
4imprint Group, the international promotional products company headed by top 50 distributor 4imprint, today announced an agreement to sell its Brand Addition division. The division is being sold to two subsidiary companies of H.I.G. Capital LLC, a global private equity firm based in Miami. Brand Addition is a promotional products company operating primarily in Europe.
The deal for Brand Addition is worth up to $37.6 million. H.I.G. Capital's subsidiaries will pay approximately $35.6 million immediately upon completion of the sale, with up $2 million in additional payments due 12 months after the date of completion. The sale is subject to the approval of company shareholders. 4imprint did not state when the deal is expected to transpire.
"The sale is consistent with 4imprint's strategy of focusing its resources on continued organic growth in the 4imprint Direct Marketing business," the company said in a statement.
Brand Addition was formed in 2010, when 4imprint merged three of its subsidiary companies: Product Plus International, Kreyer Promotion Services and Brand Addition. In addition to that company and its namesake distributorship, 4Imprint Group also controls SPS, the United Kingdom's largest promotional product manufacturer.
For more information, visit 4imprint Group's website.