As first reported Tuesday in a PPB Newslink breaking news alert, distributor Superior Uniform Group, Inc. (UPIC: SUGASI), headquartered in Seminole, Florida, has acquired essentially all the assets of Los Angeles, California-based distributor BAMKO, Inc. (UPIC: Bamko783).
The transaction closed March 1 and is an asset purchase including the assumption of certain liabilities. It also includes the acquisition of BAMKO’s subsidiaries in Hong Kong, China, Brazil and England as well as an affiliate in India. The $15.8 million cash deal includes stock, a potential future payment and assumption of certain BAMKO liabilities. Michael Benstock, CEO of Superior Uniform Group, says that the company had been searching for the right partner to expand its presence in the branded merchandise and promotional products market for several years.
“BAMKO brings Superior Uniform Group an outstanding sales, marketing and customer-centric team of people,” says Benstock. “BAMKO’s elite customer base and product offerings will further enhance our overall position in the retail, health care, food service, transportation and other markets that we serve. We are very pleased to combine our financial strength and vast resources with BAMKO’s strong leadership and reputation for creativity, innovation and excellence.”
BAMKO will continue to serve its customers from its U.S. and overseas locations and will operate as a subsidiary of Superior Uniform Group. BAMKO’s revenues for the year ended December 31, 2015, were approximately $31.5 million. The principals of BAMKO will remain with the business.
Phil Koosed, CEO and co-founder of BAMKO, says, “We think our commitment to constantly improve our customers’ experience aligns perfectly with Superior’s philosophy of always putting customers first. This union with Superior will give us the financial resources to take our customer experience to a whole new level while giving us the opportunity to invest in the growth and development of our business.”
