Business
Stran & Company Announces Definitive Agreement to Acquire GAP Promo, a Leading Full-Service Promotional Products Agency
GAP Promo generated over $7 million of sales in 2020 and acquisition expected to be highly accretive Acquisition expands Stran’s reach within the beverage and
About this update from Stran & Company, Inc.
[{"type":"text","content":"GAP Promo generated over $7 million of sales in 2020 and acquisition expected to be highly accretive Acquisition expands Stran’s reach within the beverage and consumer packaged goods industries Quincy, MA , Jan. 26, 2022 (GLOBE NEWSWIRE) -- Stran & Company, Inc. (\"Stran\" or the \"Company\") (NASDAQ: STRN) (NASDAQ: STRNW), a leading outsourced marketing solutions provider that leverages its promotional products and loyalty incentive expertise, today announced that it has signed a definitive agreement to acquire GAP Promotions, LLC (“GAP Promo”) in an asset purchase transaction. The acquisition is expected to close during the first quarter of 2022, and is subject to customary closing conditions. Headquartered in Gloucester, Massachusetts, GAP Promo is a full-service promotions agency that designs, sources, and develops custom brand solutions for many of the world's leading beverage and consumer packaged goods companies. GAP Promo achieved sales of $7.4 million in 2020 and has been profitable since inception in 2006. GAP Promo’s expertise in point of sale, display, racks and more bolsters Stran’s business in the beverage and consumer packaged goods sectors. Stran’s product sourcing and development, technology, logistics and fulfillment expertise provides GAP Promo’s customers with a broader array of new services and capabilities. The combined knowledge and capabilities are expected to generate growth opportunities across both organizations’ existing clients, as well as help attract new clients. Gayle Piraino, founder and President of GAP Promo, will continue with the Company to lead the new GAP Promo business. Stran will also retain all of GAP Promo’s current employees. Andy Shape, President and CEO of Stran, commented, “We have long admired the work of GAP Promo, as their design and execution of branded merchandise programs and innovative custom displays is top quality. Gayle and her team have built a tremendous business through their singular focus on providing customers with brand-relevant experiences. Additionally, their client portfolio consists of top-tier beverage and consumer packaged goods companies, which we believe will be highly complementary to our existing business. We are excited to build upon their success and believe that through our combined offerings we can provide an even more compelling and comprehensive serv...