Distributor Corporate Imaging Concepts, LLC (UPIC: CORP8803) has a new equity partner in Berkley Capital, LLC. Berkley acquired the equity stake in CIC that was formerly held by Cardinal Equity Partners and Aldine Capital Partners. Berkley Capital’s investment will bolster the Northbrook, Illinois, company’s growth strategy of more than doubling sales over the next three years.
“Berkley Capital accelerates our ability to provide clients with world-class technology, products and services as we work toward our strategic plan of realizing $100 million in sales by 2019,” says CIC Founder and CEO Brian Abrams, who co-owns the company with his wife, Patty.
Berkley Capital is the private equity investment vehicle of W. R Berkley Corporation (NYSE: WRB), a Fortune 500 property and casualty insurance company. In addition to capital, Berkley brings management expertise to guide CIC as it expands its reach worldwide.
“This is Berkley’s first investment in the promotional products space,” says Abrams. “However, they have a depth of knowledge and vision beyond any I have encountered inside or outside of our industry.”
Two of Berkley’s executives will join Abrams on CIC’s board of directors—President Frank Medici and Managing Director Thomas Ghegan. They will actively serve as advisors regarding CIC’s future growth and strategic direction. Abrams will be the board’s chair.
“We look forward to partnering with CIC’s management team to build upon the company’s strong foundation and ensure it has the resources to capitalize on opportunities going forward,” says Medici. “By supporting CIC’s continued growth, we’ll enable the company to remain independent as it reaches new heights.”
Ghegan adds, “Brian and the rest of CIC’s senior management team have the talent, skills and vision to drive innovation in the industry. We are excited to work with this growth-oriented company which is committed to providing continuous improvement and exceptional value to its clients.”
