BAMKO, The Branding Division of Superior Group of Companies, Acquires Gifts By Design

Rhea-AI Summary

BAMKO, a promotional product and branded merchandise division of Superior Group of Companies (SGC), has acquired substantially all assets of Gifts By Design, an industry leader in corporate awards and recognition programs. The deal, effective February 1, 2021, includes approximately $18.2 million in revenue from Gifts By Design in 2020, which is expected to positively impact SGC's fiscal 2021 results. This acquisition enhances BAMKO's capabilities and allows for the expansion of their client services in a growing market segment.

Positive

• Acquisition of Gifts By Design expected to enhance BAMKO's revenue and operational capabilities.
• Gifts By Design generated $18.2 million in revenue in 2020, providing immediate value to SGC.
• Expansion into corporate awards and recognition programs could strengthen client relationships and market position.

Negative

• None.

LOS ANGELES, Feb. 01, 2021 (GLOBE NEWSWIRE) --  BAMKO^®, LLC, the promotional product and branded merchandise arm of Superior Group of Companies, Inc. (NASDAQ: SGC), today announced that it has acquired substantially all of the assets of Gifts By Design, Inc. (“Gifts by Design”) of Seattle, Washington. The transaction closed effective as of February 1, 2021. Gifts By Design is a promotional products and branded merchandise agency that has established itself as an industry leader in developing corporate awards, incentives, and recognition programs for some of the world’s biggest brands.

Gifts By Design delivered approximately $18.2 million in revenue in 2020 and is expected to be accretive to SGC’s fiscal year 2021 operating results. Gifts By Design will operate as the Awards, Recognition, and Incentives Division of BAMKO.

“The acquisition of Gifts by Design immediately positions BAMKO to become an industry leader in corporate awards, incentives, and recognition programs,” said Jake Himelstein, Chief Operating Officer and Chief Financial Officer of BAMKO. “This acquisition will provide BAMKO with the opportunity to develop the Awards, Incentives, and Recognition program vertical across our existing portfolio of clients and leverage our salesforce to extend that vertical to future clients. We also have an immediate opportunity to extend the unique suite of capabilities and services that only BAMKO has to offer to develop new verticals across Gifts By Design’s existing customer base. In so doing, we will be able to strengthen and deepen those client relationships and expand our sales footprint with them,” said Himelstein.

“Joining forces with BAMKO is not a decision we arrived at lightly,” said Jamie Stone, President and Founder of Gifts By Design. “I’ve known the BAMKO team for years.  As I’ve watched their growth and success in recent years, it became clear that BAMKO is something very different from the rest of the industry. BAMKO has distinguished itself with its unmatched technological capabilities, an award-winning creative team, an incredible overseas sourcing operation, and an unparalleled ability to win and service major program business for the world’s biggest brands. Joining forces with BAMKO creates incredible opportunities for our employees, offers our clients access to the most impressive set of capabilities in the industry, and gives us a platform upon which to build the best and most technologically advanced Awards, Incentives, and Recognition solution in the entire industry,” said Stone. “What excites me most is the opportunity to become part of such a positive, enthusiastic, and hard-working team. BAMKO’s culture of empowering individuals to relentlessly pursue personal and professional growth is something truly special. We’re excited to partner with BAMKO and build something special here.”

“Jamie and her team have built an exceptional culture that we think will fit right in with the special group we have here at BAMKO,” said BAMKO President Phil Koosed. “By joining forces, both companies will immediately become better with increased capabilities and product offerings. We are adding talent and proven leadership whose positive impact will reverberate throughout the entire organization. Our employees and clients will benefit substantially from the opportunities that this acquisition creates, and we cannot wait to get started,” said Koosed.

Stone will remain with the business as the President of BAMKO’s newly-formed Award, Incentives, and Recognition Division.

About Superior Group of Companies, Inc. (SGC):

Superior Group of Companies^™, formerly Superior Uniform Group, established in 1920, is a combination of companies that help our customers unlock the power of their brands by creating extraordinary brand experiences for their employees and customers. We provide customized support for each of our divisions through our shared services model.

BAMKO^® is the signature promotional product and branded merchandise arm of Superior Group of Companies™. We provide unique custom branding, design, sourcing, and marketing solutions to some of the world’s most successful brands.

Visit www.BAMKO.net for more information.

FAQ

What are the details of the BAMKO acquisition of Gifts By Design?

BAMKO has acquired substantially all assets of Gifts By Design, effective February 1, 2021.

How much revenue did Gifts By Design generate before the acquisition?

Gifts By Design generated approximately $18.2 million in revenue in 2020.

What impact will the acquisition of Gifts By Design have on SGC?

The acquisition is expected to be accretive to SGC's fiscal year 2021 operating results.

Who will lead the new division after the acquisition?

Jamie Stone will remain as the President of BAMKO's newly-formed Awards, Incentives, and Recognition Division.

What market does the acquisition position BAMKO within?

The acquisition positions BAMKO as a leader in corporate awards, incentives, and recognition programs.