HSGP Investments Ltd. Acquires Letts Filofax
An investment firm co-owned by the CEO of Blueline/Rediform has acquired the global stationery and business products brand Letts Filofax, based in Scotland. HSGP Investments Ltd. acquired 100 percent of the share capital of FLB Group Ltd., the holding company which owns all assets of Letts Filofax Group (LFG). The terms of the agreement were not disclosed at this time.
HSGP Investments Ltd. is wholly owned by Harolde Savoy, CEO of Dominion Blueline and Rediform Inc., and Gordon Presly, CEO of Letts Filofax Group. It is the second major acquisition this year for Savoy, who in March entered into the promotional product market when Blueline/Rediform purchased SunGraphix from Geiger.
In an email to Promo Marketing, Savoy said that distributors can expect "an enhanced product offering with great service" and that his company expects to expand its promotional products business in 2014. "The plan is to re-introduce Letts products in the U.S. promotional markets and perhaps offer some of the new Filofax products for iPads," he said. Select Letts products had previously been offered in the promotional industry through SunGraphix.
Savoy said that Letts Filofax will maintain its current headquarters in Scotland and that Gordon will remain as CEO, with Savoy becoming executive chairman. Gordon was appointed CEO of Letts in 1998 and then of Letts Filofax in 2001, when Letts acquired the Filofax brand. Savoy has been president of Dominion Blueline since 1990. The two stationery industry veterans are well known and highly regarded in global industry circles, and have been associates and personal friends for over a decade.
"The first diary I ever purchased in 1984 was a Letts product, so it's very exciting to be able to now acquire a company that I have respected my whole business life," Savoy said. "I have known Gordon for over 10 years and it's exciting to have the opportunity to now work with him. I believe this deal brings great opportunities for both groups."
Presly added, "The stationery industry is ripe for consolidation and I am delighted that Harolde and I have been able to acquire LFG. The prospect of partnering with an industry colleague who is a 'strategic player' was really compelling for me. After leading the company for 13 years under private equity ownership, which has been exciting and demanding, this new ownership structure gives us a longer term outlook and also brings fresh long term support for the company, its customers, suppliers and employees."
The Letts Filofax line of products have been among the most prominent personal organizers and executive accessories since the Filofax group was founded in 1921. Blueline/Rediform has nearly 100 years of experience in the diary, notebook and business form industries.
Related story: Blueline/Rediform to Acquire SunGraphix from Geiger