Uniform company acquires firm for $14.7M

SEMINOLE — In a deal that closed on Dec. 1, BAMKO LLC, a division of Seminole-based Superior Uniform Group Inc., acquired the assets of Chicago-based Tangerine Promotions Ltd. and Tangerine Promotions West Inc., including the assumption of certain liabilities.

Tangerine specializes in promotional products and branded merchandise, serving some of the world's most high-profile brands. The company also sells point-of-purchase displays and point-of-sale merchandise.

According to a press release, 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 Dec. 31,, are projected to be approximately $36 million, according to the release. The acquisition is expected to be accretive to Superior's operating results in 2018.