Spector & Co. Enters Recapitalization Deal With Private Equity Firm
Spector & Co., the supplier based in West Chazy, N.Y., announced yesterday it has entered a deal with Blue Point Capital Partners, a private equity firm, to recapitalize. Financial terms of the deal were not made available.
"What really attracted us to Spector is the strong culture of the company, and their close ties to their customers and suppliers," Chip Chaikin, partner at Blue Point, said in a press release. "It is also a great fit for us. As first institutional capital, we see several attractive opportunities that align with our toolkit. The company has strong systems and management in place and is primed for tremendous growth. We are thrilled to partner with this esteemed team."
According to PPB Newslink, the digital news publication of PPAI, Spector & Co. will not undergo any staffing or leadership changes. Rob Spector, the company's CEO, will remain in his role.
"Our new partners, a private equity firm, have come to appreciate the Spector culture and philosophy," Rob Spector said in a media release announcing the deal. "I, along with my management team, am truly psyched to be working with Blue Point Capital to bring Spector & Co. to even newer and brighter heights. If it’s even possible, I am more energized and reinvigorated as I look forward to the future and the next generation of our company and our industry."
Blue Point Capital Partners manages more than $1.5 billion in committed capital and, with the addition of Spector & Co., now has 14 companies in its portfolio. One of those companies, Vetta, is the parent company of apparel supplier J. America Wholesale Blanks. Blue Point acquired a majority stake in Vetta in March 2016.
The Spector & Co. deal is the latest in a string of private equity acquisitions in the promotional products industry. In November 2017, A.T. Cross Company was purchased by Transon Capital Group LLC. In June 2017, BIC Graphic sold its North America and Asian Sourcing divisions to H.I.G. Capital. Prior to that, Showdown Displays and Polyconcept North America were acquired by private equity firms in May 2017 and July 2016, respectively.
"Many of our clients have turned into lifelong friends," said Rob Spector in the media release. "Those distributors who have been with us for many years, or have become clients recently, have all encouraged us to continue our growth and have challenged us to become better than we thought we could be. We could not have achieved what we have done without your incredible support."
Related story: J. America Wholesale Blanks Recapitalizes