Schawk Announces Agreement to Acquire Brandimage
Thursday, September 22, 2011
Press release from the issuing company
Schawk, Inc. Announces Agreement to Acquire Brandimage - Desgrippes & Laga
DES PLAINES, IL, – Schawk, Inc., a leading provider of brand development and deployment services, enabling companies of all sizes to connect their brands with consumers, announced today that it entered into an agreement to acquire substantially all of the assets of Lipson Associates, Inc. and Laga, Inc., which does business as Brandimage - Desgrippes & Laga, or "Brandimage."
Brandimage is a leading independent branding and design network specializing in providing services that seek to engage and enhance the brand experience, including brand positioning and strategy, product development and structural design, package design and environmental design. Brandimage, with unaudited 2010 revenues of approximately $32 million, has operations in Chicago, Cincinnati, Paris, Brussels, Shanghai, Seoul and Hong Kong.
Brandimage will operate in conjunction with Schawk's current branding and design capabilities, which are performed under its Anthem Worldwide brand.
President and Chief Executive Officer David A. Schawk commented, "We are delighted to have reached an agreement with Brandimage. We believe that bringing our companies together will further differentiate our offering to global clients seeking to enhance the position of their brands. This transaction will enhance our brand development offering as we continue to implement our strategy of providing both brand development and deployment across multiple mediums serviced and delivered on a global basis."
Brandimage's Chief Executive Officer John Hilbrich added, "Brandimage clients and staff will benefit from the resources and forward thinking of the Schawk/Anthem organization and their vision for the future growth of branding and design strategy. We look forward to developing new relationships and helping them achieve their goals."
The completion of the transaction is subject to various customary closing conditions as well as the satisfactory completion of Schawk's due diligence investigation. The closing is currently anticipated to occur in early October following satisfaction of the due diligence conditions. Schawk anticipates funding the purchase price through a draw from its existing credit facility.
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