Custom HBC to be Sold to Investment Group
Custom HBC, located in Waconia, Minn., is in the process of being sold, Promo Marketing has learned. The health and beauty promotional products supplier is to be sold to an investment group with other interests in the promotional products industry. The transaction is expected to be completed in the next few days.
A phone call and email placed to the company revealed that all operations at Custom HBC are temporarily on hold pending further announcements about the sale. The company's voice mail stated that the new owner has ordered inventory for many of Custom HBC's top products which will allow it to resume normal business by the end of the month. The company recommended that any distributors with orders requiring an April ship date should contact another industry supplier to handle the order.
In April 2011, Larry Wilhelm, CEO of Custom HBC, responded to rumors that the company was facing bankruptcy. Wilhelm explained that the company, like many, faced difficulty following the recession in the last 2000s, but would not file for bankruptcy and instead would restructure its financial plans with its creditors. The company announced it had come to a new agreement with its creditors later that month, allowing it to resume business as normal.
Promo Marketing has also learned that Custom Chocolate, which Custom HBC acquired in August 2009, is no longer associated with Custom HBC and has moved to a new facility. Custom Chocolate's contact information is:
141 West 1st Street, Suite 2
Waconia, MN 55387
Toll Free: 800-546-0772
Presently, Custom Chocolate's phone and email are responding with the same automated message as Custom HBC. Promo Marketing has reached out to the company for further comment and will updated the story as more information becomes available.