Polyconcept, a global promotional products company and parent company of suppliers Polyconcept North America (PCNA) and PF Concept, announced that it has entered into a definitive agreement to be acquired by Charlesbank Capital Partners, a Boston-based middle-market private equity firm. Charlesbank Capital Partners, management and certain other investors will provide equity for the transaction. Additional terms of the agreement were not disclosed. There will be no management changes as a result of the Charlesbank Capital Partners acquisition.
This acquisition marks the end of a successful 11-year partnership with Investcorp. The 2005 acquisition, which consisted of PF Concept in Europe and Leed’s in the United States, marked the formation of Polyconcept.
“We have had a successful chapter with Investcorp and are thankful for its partnership over the years,” said Gene Colleran, CEO for Polyconcept. “We are excited to forge a new partnership with Charlesbank, which has a long history of joining forces with management teams to grow their businesses. With Charlesbank’s financial support, strategic guidance and significant network of contacts, we look forward to working together to create substantial value for the future.”
“Charlesbank is an ideal partner for Polyconcept, and I am looking forward to the opportunities that we will have to grow with them,” said David Nicholson, president of Polyconcept North America. “We anticipate the transition to be seamless for both our customers and our employees.”
Josh Klevens, managing director for Charlesbank Capital Partners, said that his firm was attracted to the company’s competitive position and its diversification across customers, suppliers, price points and geographies. “Polyconcept is a market leader in both the U.S. and Europe, with superior customer service and global capabilities,” he said. “We are very pleased to have the opportunity to partner with the management team to expand the business globally, building on their track record of success and tapping into new opportunities for growth.”
The transaction is anticipated to close later in the third quarter of 2016.