Polyconcept Buys VC-backed Trimark Sportswear

Polyconcept North America, a division of promotional products supplier Polyconcept, said that it has acquired Canadian apparel company Trimark Sportswear Group. Trimark was backed by private equity firm Weston Presidio. Financial terms of the deal were not released. Trimark is based in Toronto. With offices in Boston and San Francisco, Weston Presidio focuses on middle-market investments.

PRESS RELEASE
Pittsburgh – April 15, 2011 – Polyconcept North America, a division of the world’s leading promotional products supplier Polyconcept, announced today that it has acquired Trimark Sportswear Group, a leading Canadian apparel supplier. In the transaction, Polyconcept North America has purchased a controlling interest in Trimark from Weston Presidio, a private equity investor focused on growth. This deal marks Polyconcept North America’s fourth acquisition since its start in 2005 and its first move into the promotional apparel category. With the addition of Trimark, Polyconcept North America now becomes Canada’s largest supplier spanning both apparel and hard goods under four industry leading brands.

Based in Toronto, Trimark has been one of Canada’s leading apparel suppliers to the promotional and corporate markets for over 35 years. The company offers a full-range of sportswear and outerwear under several private label brands including ONTOUR, Outer Boundary, Landmark, Nexus and Elevate Sport. Trimark is widely recognized for its innovative product development and strong service commitment having received six PPPC Supplier Awards in recent years. Trimark was also the exclusive activewear supplier for the 2010 Vancouver Olympics. Trimark currently employees 100 people in its Richmond Hill, Ontario facility and services over 4,500 distributors across Canada.

“We are thrilled to have Trimark join the PCNA family. We identified Trimark early on as an ideal partner as part of our long-term goal of expanding into the apparel category. PCNA has assembled a well-known portfolio of supplier brands and Trimark fits our profile perfectly. It has a proven management team, an innovative product range and is a clear leader within the Canadian promotional market. We see great opportunities to work together to build even stronger distributor relationships,” states David Nicholson, president of Polyconcept North America. Yann Leca, CEO of Polyconcept Supplier Group, adds, “We could not have imagined a better way to enter North America’s largest category, which we already lead in Europe with PF Concept. Trimark has proven category expertise and a strong market reputation. We will now have the opportunity to tap into each other’s sourcing and product development capabilities which will enrich both companies’ offerings.”

Nicholson has confirmed that Trimark will continue to operate as a separate entity with no change in regards to their management or sales teams. Trimark’s Chief Executive Officer, Derrick Milne, and President/Chief Operating Officer, Will Andrew, will continue to lead the organization and will serve on Polyconcept North America’s management committee. Additionally, the Milne family and Andrew have increased their investment in the company as a part of the transaction. All distributor programs, policies and terms will remain in place and there will be no change to Trimark’s daily operations.

“We are excited to be associated with Leed’s, Bullet and JournalBooks,” explains Milne. “The opportunity to be a part of the clear global market leader in promotional products, Polyconcept, in an industry that is consolidating, fulfills an important long term strategic goal. We will only strengthen relationships with our distributors by sharing information, best practices, purchasing power and decorating expertise with Polyconcept. Weston Presidio has been a great partner, and has remained supportive and constructive throughout their investment. Their team has provided key strategic advice which has allowed us to successfully build our business in the face of numerous challenging economic cycles.”

“We have greatly enjoyed working and partnering with the Milne family and the entire Trimark team during a time when the company became a leading promotional apparel supplier in Canada,” said Mark Bono, a partner at Weston Presidio who served on Trimark’s Board of Directors. “We are confident that Trimark will continue to prosper as part of the Polyconcept organization, and we wish everyone great success.”

About Trimark Sportswear Group
Trimark is a leading promotional apparel supplier, founded in 1975 in Markham, ON, Canada. Known for innovative high-quality designs, leading service and immediate availability, the company continues to grow and expand into new markets. Trimark is home to five in-house brands, OnTour, Outer Boundary, Landmark, Nexus and Elevate Sport, as well as the exclusive Canadian distribution for Ahead Headwear. Trimark’s products include polos, fleece, soft-shells, outerwear, woven shirts, jackets and headwear. In 2010 Trimark Sportswear was the activewear licensee for the Vancouver Winter Olympics. As part of its work with the Vancouver Olympic Committee, Trimark is recognized for setting high social compliance standards. Recently the company relocated to Richmond Hill after a significant investment into new facilities. Further information is available at www.trimarksportswear.com.

About Weston Presidio
Weston Presidio, founded in 1991, is a private equity firm that has managed five investment funds aggregating over $3.3 billion. The firm focuses its investment activities on growth companies in the consumer, business services and industrial growth sectors. With offices in Boston and San Francisco, Weston Presidio targets middlemarket opportunities primarily in the United States. More information is available at www.westonpresidio.com.

About Polyconcept North America
Polyconcept North America, a wholly owned subsidiary of the world’s leading promotional products supplier Polyconcept, operates Leed’s, Bullet, JournalBooks and Trimark, four of the most successful brands in North America. The Polyconcept North America companies provide recognized best-in-class services to the industry, ensuring the highest standards of reliability and quality. Highly complementary product ranges enable Polyconcept North America companies to provide the market with a very comprehensive assortment of products across all major product categories. Further information is available at www.polyconceptna.com.