HALO Branded Solutions Sold to PSP Capital for $76.5 Million
HALO Branded Solutions, the Top 50 distributor from Sterling, Ill., announced on Wednesday that the company had been purchased by PSP Capital Partners LLC, a Chicago-based private investment firm founded by Penny Pritzker, in partnership with senior management of HALO Branded Solutions. The company was sold by Compass Diversified Holdings, which acquired HALO in 2007, for $76.5 million.
"We are very pleased with our new partners at PSP," said Marc Simon, CEO of HALO Branded Solutions. "Their confidence in HALO is a positive reflection of the hard work and industry-leading results our sales force and operational team have achieved. This relationship will continue our efforts for profitable growth through investment in world-class sales support, carefully selected strategic acquisitions, and an added emphasis on attracting top-performing industry professionals to the HALO organization."
"We are also pleased to see our prior partner, Compass Diversified Holdings, being rewarded for the confidence they showed in our team at the time of their investment five years ago," Simon continued. Compass Diversified Holdings acquired the company, with investments from HALO Branded Solutions' management, for $62.5 million, making the 2012 valuation an 22.4 percent increase over 2007.
Troy Noard, managing director for PSP Capital Partners LLC, noted, "We are delighted to partner with Marc and his management team to continue to build HALO. We are impressed with HALO's leadership position in an industry that is positioned for strong growth. The loyalty of the company's sales team, passion of the support staff, and vision of the leadership team provide an attractive platform for continued impressive financial performance. We are eager to invest in and build upon HALO's success."
No changes in management or operating direction are planned as part of the sale. "Our senior management team invested alongside PSP in this transaction," noted Simon. "Our team is passionate and focused on delivering the greatest value proposition for selling professionals in the industry. That passion and experience are the real assets in this partnership."
For more information, visit www.halo.com.