Norwood Promotional Products and BIC Graphic announced today a definitive agreement for BIC to acquire Norwood. After presenting a last minute offer, BIC was awarded the sale outbidding the original stalking horse, Aurora Resurgence. Total consideration for the acquisition is $125 million plus approximately $37.5 million in assumed liabilities. BIC Graphic USA is a division of BIC USA Inc., a leading promotional products supplier.
Norwood is pleased to announce that under the current agreement BIC’s acquisition will result in continuity for our trade partners.
Established in 1969 under the name BIC Special Markets Division, BIC Graphic USA offers a wide variety of high quality, innovative custom-imprinted writing instruments and complementary products. By purchasing Norwood, BIC would greatly increase its market share, becoming a leading supplier.
“The management expertise and strategic combination of BIC Graphic and Norwood will give us the opportunity to lead the growth of the industry,” said Mario Guevara, BIC Group CEO.
“I have had many years of experience with BIC and I am pleased to have them as our partner for the longterm,” said Paul Lage, President & CEO of Norwood. “I am excited about the potential of the new company that is being formed. We intend to set a new standard for quality, service, safety and the ease of doing business."
”Many thanks to our customers for their continued business the last couple months,” continued Lage. “All of us at Norwood would also like to express our appreciation for the support we have received across the industry.”