Array Canada Inc, acquired in 2015 by U.S. private equity firm Carlyle Group, has bought 100 percent of Summit Manufacturing LLC, a New York manufacturer of point-of-sale merchandising, retail displays and fixtures. The terms of the deal, closed last month, were not released. Array, a Toronto provider of in-store merchandising services for cosmetic and apparel retailers and brand manufacturers, said the buy enhances its capacity, geography and client reach. Carlyle acquired Array from Canadian private equity firm TorQuest Partners. TorQuest, which invested in 2012, reported earning 5x its money and a 61 percent return with the sale.
PRESS RELEASE
Array acquires Summit Manufacturing, a New York-based manufacturer of point of sale merchandising, retail displays and fixtures.
Acquisition significantly enhances capacity, geography and client reach.
TORONTO and LONG ISLAND, NY, June 7, 2017 /CNW/ – Array Canada Inc. today announced that it had acquired 100% of Summit Manufacturing LLC. Under the terms of the agreement, Summit will operate as an Array company and will continue to build on its position as a high quality, agile and cost effective partner to leading brands and retailers across the United States.
The transaction, terms of which were not disclosed, closed on May 31st, 2017.
“This investment provides us with a talented and experienced team, many new customers and considerable resources to accelerate service for our New York-based clients. It also significantly enhances our capacity in North America and provides us with vertical integration in metal work, injection molding and a significant boost in thermoforming, all of which enhance the group’s value proposition,” said Tom Hendren, CEO of Array.
Array provides custom, high-end merchandising solutions in more than 30,000 retail locations for the world’s most iconic prestige brands and retailers. With a strong footprint in prestige cosmetics and apparel, the company utilizes its deep expertise in design, research & development, project management and global manufacturing to help transform retail environments. Array is headquartered in Toronto and employs over 1,000 employees in operations in Toronto and Bradford, Ontario; New York City; Mexico City and Shenzhen, China.
In December 2015, Carlyle U.S. Equity Opportunity Fund II, a U.S. middle-market buyout fund managed by The Carlyle Group, acquired Array Canada Inc.
Array and Carlyle were advised on the transaction by Goodwin Procter and EY.
ABOUT SUMMIT
Summit offers a wide variety of services in design, engineering and manufacturing for leading brands and retailers across the USA. With more than 300 employees principally located in Long Island, New York, Summit is a dynamic, multi-disciplined manufacturer of merchandising materials, retail displays and fixtures.
Web: http://www.summitmfg.net/
ABOUT ARRAY
Array is the premier provider of in-store merchandising services for the world’s leading cosmetic and apparel retailers and brand manufacturers. For over 35 years our clients have enjoyed an unparalleled range of in-house services; outstanding creative innovation, true global manufacturing capabilities, comprehensive logistics and complete installation & follow-up services. The results are displays & fixtures that win praise from brand marketers and retailers worldwide.
We bring brands to life by creating great retail experiences!
Web: www.arraymarketing.com
Tweets: https://twitter.com/ArrayMarketing
For further information: Summit Manufacturing, Louis Marinello, President, +1 631 952 1570, Email: info@summitmfg.net; Array, Tom Hendren, CEO, +1 416 299 4865, Email: inquiry@arraymarketing.com
Photo courtesy of Array Canada Inc
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