Stran & Company Signs Definitive Agreement to Acquire Premier NYC
December 02 2022 - 8:30AM
Stran & Company, Inc. ("Stran" or the
"Company") (NASDAQ: STRN) (NASDAQ: STRNW), a leading outsourced
marketing solutions provider that leverages its promotional
products and loyalty incentive expertise, today announced the
signing of a definitive asset purchase agreement to acquire Premier
Business Services, an established promotional products company
formed by Peter Poser in 1988 and headquartered in Larchmont, New
York (“Premier NYC”). The acquisition is expected to close this
month and is subject to customary closing conditions.
With over 30 years of experience in the
promotional products industry, Premier NYC brings deep experience
creating and implementing successful solutions for customers.
Premier NYC has developed a reputation for creative, timely and
accurate delivery of promotional products, resulting in long-term
client relationships. Premier NYC’s customer base includes a number
of marquis customers including one of the largest global stock
exchanges, a leading Ivy League university, a number of the top
U.S. and international law firms, and more.
“We believe Premier NYC provides us a
significant opportunity to expand our operations within key
sectors, while strengthening our leadership position in the
Northeast,” commented, Andy Shape, President and Chief Executive
Officer of Stran. “Premier NYC has built a solid reputation within
the industry by working with recognizable companies as well as
non-for-profit organizations, and we believe we can enhance their
customer solutions through the implementation of our proven
technologies, making their offering even more robust, effective and
efficient. We intend to not only execute on existing contracts, but
also build upon their customer base and established footprint in
targeted verticals by leveraging our growing sales force,
first-in-class technology solutions and expanding geographic
presence. We believe this acquisition is just another example of
our ability to acquire complementary and profitable businesses at
attractive valuations, in order to drive synergies and value for
our shareholders.”
About Stran
Over the past 27 years, Stran has grown to
become a leader in the promotional products industry, specializing
in complex marketing programs to help recognize the value of
promotional products, branded merchandise and loyalty incentive
programs as a tool to drive awareness, build brands and impact
sales. Stran is the chosen promotional products manager of many
Fortune 500 companies across a variety of industries, to execute
their promotional marketing, loyalty and incentive, sponsorship
activation, recruitment, retention, and wellness campaigns. Stran
provides world-class customer service and utilizes cutting-edge
technology, including efficient ordering and logistics technology,
to provide order processing, warehousing and fulfillment functions.
The Company’s mission is to develop long-term relationships with
its clients, enabling them to connect with both their customers and
employees in order to build lasting brand loyalty. Additional
information about the Company is available at: www.stran.com.
Forward Looking Statements
This press release contains “forward-looking
statements” that are subject to substantial risks and
uncertainties. All statements, other than statements of historical
fact, contained in this press release are forward-looking
statements. Forward-looking statements contained in this press
release may be identified by the use of words such as “anticipate,”
“believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,”
“seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,”
“target,” “aim,” “should,” "will” “would,” or the negative of these
words or other similar expressions, although not all
forward-looking statements contain these words. Forward-looking
statements are based on the Company’s current expectations and are
subject to inherent uncertainties, risks and assumptions that are
difficult to predict. Further, certain forward-looking statements
are based on assumptions as to future events that may not prove to
be accurate. These and other risks and uncertainties are described
more fully in the section titled “Risk Factors” in reports filed by
the Company with the SEC. Forward-looking statements contained in
this announcement are made as of this date, and the Company
undertakes no duty to update such information except as required
under applicable law.
Contacts:
Investor Relations Contact:
Crescendo Communications, LLCTel: (212)
671-1021STRN@crescendo-ir.com
Press Contact:
Howie Turkenkopf press@stran.com
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