- November 12, 2009
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.
“The acquisition of Tangerine by BAMKO represents an incredible leap forward in the evolution of our company,” says BAMKO President Philip Koosed in the release. “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 will continue to service its customers from its locations in Chicago, Los Angeles and Orange County, Calif., and will operate as a division of BAMKO.