Corvest Finds Investor In Siglo Holdings


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Corvest Finds Investor In Siglo Holdings
By: Staff
Issue: 2010mar

As first reported in a PPB Newslink Breaking News Alert, Largo, Florida, supplier Corvest was acquired Friday by investors of Siglo Holdings, according to Bernard Findley, chief executive officer of Corvest Acquisition Inc. Corvest is a multimillion-dollar promotional products supplier and parent company of Adva-Lite (UPIC: Advalite), Toppers (UPIC: TOPPERS) and It’s All Greek To Me (UPIC: GREEK). Financial terms of the deal were not disclosed.

“It’s a very positive end to a pretty stress-filled time,” says Findley. Two weeks ago, as part of a state-required notification process, Corvest notified the state of Florida that it could be laying off up to 201 employees in April.

Findley is evaluating personnel levels at this time to determine the right level of staff. In the meantime, he says Siglo Holdings has made an infusion of capital of an undisclosed amount to make immediate purchases to enhance its inventory position.

Corvest also will benefit from adding several new categories to its product line, many of which are already being manufactured out of the Siglo facilities in Tijuana, Mexico, and Santa Fe Springs, California. Siglo manufactures promotional products for the scrapbooking and office supply categories, Findley says.

Findley talked to Corvest investors for 1½ years before making the acquisition. He said he has a handful of similar acquisitions in the industry in varying stages going on right now.

The additional manufacturing facility will allow Corvest to lower its costs and reduce lead times within its product categories, Findley says. The company will continue to operate at its 300,000-square-foot facility in Largo, Florida.

With this purchase, Findley says he is returning to the promotional products industry after selling his company, The Buzz Group, a supplier of medically-relevant promotional products.

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