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LONDON (Alliance News) - IG Design Group PLC on Monday said it has bought US-based home decor and lifestyle product supplier Lang Cos Inc for USD3.6 million in cash.
Like IG Design, Lang makes products including gifts, calendars and stationery, as well as drinkware, tableware and other homeware items. It has trading relationships with "many" national chains in the US and more than 3,000 specialist gift stores, as well as a direct-to-consumer sales channel through its own website and catalogues with over 150,000 direct customers.
Lang's earnings before interest, tax, depreciation and amortisation for its its full year ended March 31 are estimated to be USD1.3 million. In the prior financial year, it made revenue of USD34.4 million and a pretax loss of USD2 million.
IG Design said the acquisition will immediately create some "modest management synergies", while "more meaningful sourcing synergies" will arise from 2017 onwards.
"Lang's slogan is "We Start with Great Art" and this fits exactly with Design Group's own natural focus. In terms of product, markets and culture, Lang is highly complementary to what we already do, offering scale, synergies and additional channels to market for Design Group Americas, our fastest growing business. I am delighted to welcome Lang into the Design Group fold," Chief Executive Paul Fineman said in a statement.
Shares in IG Design were trading up 2.5% at 162 pence on Monday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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