HDS, a Pittsburgh-based promotional merchandise and corporate apparel agency, has acquired Cleveland-based Stuart & Associates, a top 50 distributor of printing, promotional products and fulfillment services. Financial terms of the deal were not disclosed, though it’s been suggested that the acquisition will bring HDS’ sales to an estimated $32 million in annual revenue.
Howard Schwartz, CEO and founder of HDS, does not anticipate any disruption of service to Stuart & Associates’ clients or current business orders. “HDS is proud to report the transition will be business as usual,” he told Print+Promo in an emailed statement. “All employees will remain on staff, and all locations will remain open.”
Instead, clients can expect one-stop-shop solutions to help them achieve all of their branding goals. “We’ve been down the acquisition road a few times, and this one seemed like the right fit from the beginning,” Craig McAllester, president and owner of Stuart & Associates, said in a press release. “I wanted to align Stuart & Associates with a company that has the same core values as our employees and one that could give our company the tools to service our clients well into the future.”
For HDS, the acquisition allows the company to fulfill the print needs of its promotional clients. “Our acquisition of Stuart & Associates complements our goals of expanding into new markets, and adding printing and paper collateral services,” said Schwartz. “This is just one more step toward becoming a vertically integrated company that meets the demand for consolidation in today’s business climate. Many of our clients that purchase promotional products also purchase print marketing.”