Superior Uniform Group, through its BAMKO Division, Announces the Acquisition of Tangerine Promotions
November 30 2017 - 11:48AM
Superior Uniform Group, Inc.® (“Superior”) (NASDAQ:SGC), today
announced that its division, BAMKO, LLC, (“BAMKO”), acquired
substantially all the assets of Tangerine Promotions, Ltd. and
Tangerine Promotions West, Inc. (“Tangerine”), including the
assumption of certain liabilities. The transaction will close
effective December 1, 2017.
Headquartered in Chicago, Illinois, Tangerine is
a promotional products and branded merchandise agency that serves
some of the most well-known brands in the world. The company is one
of the leading providers of Point-of-Purchase (POP) displays and
Point-of-Sale (POS) merchandise in the country.
The purchase price is subject to adjustment and consists of
approximately $7.2 million in cash, the issuance of approximately
$2.0 million of Superior Uniform Group’s common stock that will
vest over a four-year period, the potential future payment of $5.5
million in additional contingent consideration through 2021, and
the assumption of certain liabilities of Tangerine. Tangerine’s
revenues for the year ended December 31, 2017, are projected to be
approximately $36 million. The acquisition is expected to be
accretive to Superior’s operating results in 2018.
“The acquisition of Tangerine by BAMKO
represents an incredible leap forward in the evolution of our
company,” said Philip Koosed, President of BAMKO. “Steve Friedman
and his team at Tangerine have built one of the elite companies in
our industry. Their extraordinary roster of clients and exceptional
capabilities in account management, POP displays, POS merchandise,
and custom products is unrivaled in our industry. We are excited to
welcome the talented and well regarded Tangerine team into the
BAMKO family. Tangerine is our second acquisition as part of
Superior and is a perfect example of how we intend to become the
best company in our industry by joining forces with other entities
possessing unique capabilities, great leadership, and impeccable
character.”
“If one thing has become clear during this
process, it’s that something very special is going on at BAMKO,”
said Tangerine President Steve Friedman. “They are building
something that is decidedly unique in our industry, and we want to
help build it. As we went through this process, we took inventory
of our respective strengths and weaknesses. We quickly came to
realize that we had an incredible opportunity to combine those
strengths and become a disruptive force in our industry. I’m
excited to continue in my role as President. We can’t wait to get
started.”
Tangerine will continue to service its customers
from its locations in Chicago, IL, Los Angeles, CA, and Orange
County, CA, and will operate as a division of BAMKO. Steve Friedman
and Adam Rosenbaum, the principals of Tangerine, will remain with
the business and will continue to lead the Tangerine Division.
Mr. Rosenbaum also will take on a management role with
BAMKO.
About BAMKO, LLC, a division of Superior
Uniform Group, Inc.
BAMKO is a full-service promotional products and
branded merchandise sourcing agency established in 1999. With
offices in the United States, England, China, India, and Brazil,
BAMKO is a 24-hour-a-day operation with a truly global reach
currently serving many of the world's most successful brands. BAMKO
works with its clients to provide a wide range of branded supply
chain solutions, including world-class design, sourcing,
production, product development, quality control, testing,
logistics, and delivery of goods for clients across the
globe.
Superior Uniform Group® (NASDAQ:SGC),
established in 1920, is a provider of a wide range of award
winning products and services. It provides customized support for
each of its divisions through its shared services model.
The company’s commitment to service, technology,
quality and value-added benefits, as well as its financial strength
and resources, support customers’ diverse needs while embracing a
"Customer 1st, Every Time!" philosophy and culture.
This press release contains “forward-looking
statements” within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
statements other than historical fact, and may include statements
relating to goals, plans and projections regarding revenues,
results of operations, new markets, products, services, growth
strategies, anticipated trends in the Company’s business and
anticipated changes and developments in its industry.
Forward-looking statements are based on management’s current
expectations and beliefs and involve significant risks and
uncertainties that could cause actual results, developments and
business decisions to differ materially from those contemplated by
these statements. Risk factors that could cause actual results to
differ materially from those expressed or implied in the Company’s
forward-looking statements are discussed in its most recent Annual
Report on Form 10-K filed with the Securities and Exchange
Commission as well as other documents that may be filed by the
Company from time to time with the Securities and Exchange
Commission. Any forward-looking statement made by the Company in
this release is based only on information currently available to
the Company and speaks only as of the date on which it is made. You
should not rely on any such statement as representing our views in
the future. The Company undertakes no obligation to publicly update
any forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
For more information, call 800-727-8643 or visit
www.SuperiorUniformGroup.com or www.BAMKO.net.
Contact:
Andrew D. Demott, Jr.COO, CFO & Treasurer(727) 803-7135
OR
Hala ElsherbiniHalliburton Investor Relations(972) 458-8000
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