Promotional Products Supplier Leed's Gets New Owners

August 01, 2005

The signing of a definitive agreement to acquire Global Promo Group Inc. (GPG), parent company of New Kensington, Pa., promotional products supplier Leed's, has created a global promotional products giant with estimated pro forma combined 2004 sales of more than $650 million.

The players in this transaction are Netherlands-based Polyconcept, Europe's largest promotional products suppler, and the global investment group Investcorp, which acquired Polyconcept in April 2005. Investcorp has offices in New York, London and Bahrain. Polyconcept has approximately 1,000 employees in Europe, Asia and North America and supplies more than 10,000 promotional products distributors across Europe.

GPG employs approximately 900 and is comprised of two wholly owned subsidiaries, Leed's and Marlow Intl. Leed's, which accounts for more than 85% of GPG's revenue, according to Investcorp, is a supplier to the more than 20,000 promotional products distributors in the United States. Hong Kong-based Marlow Intl. sells a diverse range of products to a global customer base.

Polyconcept CEO Philippe Varnier will become chairman of the combined company; Michael Bernstein, CEO of GPG, will serve as vice-chairman; and Yann Leca, Polyconcept CFO will serve as CFO of the combined business.