HIG Capital has completed a deal with Societe BIC to acquire BIG Graphic North America and its affiliated sourcing operations in Hong Kong, China. The deal marks as the third investment in the promotional products market for HIG Capital.
Founded in 1969, BIC is one of the largest suppliers of promotional products focused on producing customizable writing tools such as pens and pencils, hard goods, and calendars. The Clearwater, Florida-based target has three manufacturing facilities across the U.S. BIC has reported sales of over $300 million.
“BIC Graphic is a clear leader in a consolidating market due to its compelling customer value proposition,” states HIG Capital managing director Camilo Horvilleur. To accelerate growth, we will further pursue innovative product development, and expand upon the Company's operational excellence and technology leadership. We see substantial opportunities to grow organically and through M&A.”
HIG Capital is a middle-market private equity and alternative assets investment firm based in Miami. The firm has more than $21 billion in equity capital under management with additional offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, Atlanta, London and Madrid. HIG Capital targets small and medium-sized businesses with enterprise values between $50 million and $500 million. The firm has invested in government data analytics provider NCI, entertainment content curator Click Jogos, Pegasus Financial Services, and paperboard products manufacturer Caraustar Industries Inc.
The middle-market has seen its fair share of deals involving schwag and promotional product suppliers. Audax Private Equity-backed Halo Branded Solutions, a U.S. distributor of promotional materials, acquired corporate rewards program developer Michael C. Fina Recognition in February. Charlesbank Capital Partners LLC bought a similar company from Investcorp and 3i Group in August 2016.