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BIC Group announced that they have reached an agreement in principle whereby BIC Group will acquire Antalis' Promotional Products entities (APP) on the basis of a total enterprise value of approximately 33 million euros, to which could be added an additional earn-out payment of up to 5 million euros, based on APP sales as of December 31, 2009 and due in 2010.
The acquisition is expected to be completed by the first quarter of 2009, after the signing of a definitive agreement and receiving the necessary merger control clearances. APP is European based and distributes a wide range of promotional products (pens, watches, tshirts, agendas, gadgets and original business gifts). Relying on an extensive network of suppliers managed by an office located in Hong-Kong, APP by official accounts sells to more than 15,000 distributors in 40 countries in Europe and Middle-East Africa. In 2008, APP should generate approximately 90 million euros in revenues.
These features will be complementary to the BIC Graphic business model, which is by company accounts based on a leadership in promotional stationery products and lighters in Europe, the US and Latin America and “excellence in customer service, manufacturing and imprinting”.
