SEMINOLE, Fla.—BAMKO, a division of Superior Uniform Group, announces the acquisition of Tangerine Promotions. Tangerine is a Chicago-based promotional products agency that covers a range of worldwide brands.
Superior says the purchase price consists of approximately $7.2 million in cash, $2.0 million of the company’s common stock to be vested over a four-year period, a potential future payment of $5.5 million in additional contingent consideration through 2021, and the assumption of certain liabilities from Tangerine.
“The acquisition of Tangerine by BAMKO represents an incredible leap forward in the evolution of our company,” says Philip Koosed, president of BAMKO. “[Company president] Steve Friedman and his team at Tangerine have built one of the elite companies in our industry. We are excited to welcome the talented and well regarded Tangerine team into the BAMKO family.”
With the acquisition, Tangerine continues to service its customers from Chicago, Los Angeles, and Orange County, California, and operates as a division of BAMKO. Friedman and Adam Rosenbaum, principals of Tangerine, remain with the company and continue to lead the division. Rosenbaum also assumes a management role with BAMKO in the acquisition.
“If one thing has become clear during this process, it’s that something very special is going on at BAMKO,” states Friedman. “They are building something that is decidedly unique in our industry, and we want to help build it.”
Parties expect the transaction to close Dec. 1, 2017.
For more information, visit www.SuperiorUniformGroup.com.