BIC Gains $15+ Million in Assets in Atchison Deal
Reporting a sales value in excess of $15 million, Atchison Products, Atchison, Kan., has signed a definitive agreement to be purchased by Clearwater, Florida-based BIC Graphic USA. The agreement is expected to close on Aug. 31.
According to Jack Teague, president of BIC Global Graphic, a major benefit of the acquisition is getting Atchison’s products—totes, bags, coolers and backpacks—into the hands of more distributors.
“We believe that the biggest sales opportunity is the fact that Atchison Products currently sells to less than 3,000 distributors within our industry,” he noted, adding that BIC’s distributor count is more than 15,000. “Our expectation is to mutually work together to drive market share, leveraging the strength of Atchison, in terms of their products, and tie back into the position of BIC regarding sales, marketing, customer service and distribution.”
Teague said BIC Graphic USA had been interested in the bag category for some time, and the acquisition was part of its three-year strategic plan. “BIC Graphic USA maintains a three-year strategic plan and as part of our planning process, we look at product opportunities that we think are of interest to us where we can bring some value and where we believe we can bring considerable sales value,” he said.
Of the acquisition, Dolly Duffy, CEO of Atchison Products, said: “We’re excited to make this announcement, as it is very positive news for both Atchison Products and the Atchison community.”
Dan Fangman, president of Atchison Products, added, “BIC Graphic USA, with its experience and industry leadership, provides an opportunity to significantly grow the Atchison brand.”
Following completion of the acquisition, Duffy and Fangman will remain with the company, and operations will remain in Atchison, Kan. Furthermore, the company will retain its original name, with the addition of a BIC tagline. “Atchison Products is a branded company within promotional products and we want to expand on that brand value,” said Teague.