In what is expected to be a particularly busy year for promotional products industry consolidation, 2025 has its first merger of PPAI 100 suppliers.
On Wednesday, private equity firm Mill Point Capital announced its acquisition of Clearwater, Florida-based Koozie Group (PPAI 114187, Platinum), which it is merging with fellow Sunshine State hard goods leader Garyline (PPAI 112004, Platinum), already a company in the Mill Point Capital portfolio.
Koozie Group had previously been owned by H.I.G. Capital, which acquired it from BIC Group in 2017.
According to the new private equity ownership, the merger is intended to enhance customer service capabilities, broaden product offerings and improve operational scale. The newly combined company will bring together two well-known industry players. An announcement noted the companies’ complementary strengths in product manufacturing, branding and U.S.-based production.
- Koozie Group, which ranked No. 9 in the 2024 PPAI 100, reported $304 million in revenue for 2024, though its sales have slipped slightly since 2021, falling 1.3% over the three-year span.
- Garyline ranked No. 27 in PPAI’s 2024 measure of industry leading suppliers. It reported $57.4 million in promo revenue last year, with sales up 2.5% since 2021.
“We are excited about the growth opportunities created by Mill Point Capital’s ownership,” Koozie Group CEO Pierre Montaubin said in a statement on the transaction. “This new financial support allows us to enhance our customer-centric focus through investments in our people, innovation and technology. We will continue delivering top brands, quick turnaround times and plenty of easy-to-use services that will help our customers grow.”
This new financial support allows us to enhance our customer-centric focus through investments in our people, innovation and technology.”
Pierre Montaubin
CEO, Koozie Group
A Strategic Step
Mill Point Capital described the M&A move as a strategic step toward building a more competitive and comprehensive promo industry supplier, pointing to the combined company’s domestic manufacturing footprint.
“With this acquisition, we are creating one of the largest players in the promotional products space,” said Antony Besso, partner of operations at Mill Point and executive chairman of Garyline. “As the industry continues to evolve, we believe that scale and product breadth will be essential for serving customers efficiently and effectively.”
- Financial terms of the deal were not disclosed. The combined company also made no indication of immediate integration plans, but will continue to go to market under separate brands.
- Employees, customers and vendors were made aware of the acquisition on Wednesday.
In addition to its base in Florida, Koozie Group also decorates from facilities in Missouri and Minnesota. The company acquired IMAGEN Brands in 2020 and wrapped up consolidation of the brands early last year.
Similar Approaches
After more than six decades in New York City, Garyline began moving its operations to Florida in 2023, and announced the relocation’s completion last August at the same time it revealed Mill Point Capital’s investment. The firm employs more than 500 workers in the Tampa area.
“Our vision has always centered on customer performance, operational excellence and long-term investment in U.S. manufacturing,” Richard Hellinger, CEO of Garyline, said. “We are proud to build on that foundation and support our distributors with enhanced scale, expanded resources and unmatched product diversity.”
Our vision has always centered on customer performance, operational excellence and long-term investment in U.S. manufacturing. We are proud to build on that foundation and support our distributors with enhanced scale, expanded resources and unmatched product diversity.”
Richard Hellinger
CEO, Garyline
Koozie Group made real estate moves of its own recently, selling nearly $36 million worth of property in Florida last year, then leasing it back.
Both companies have taken significant steps toward corporate responsibility – Koozie Group with its Keep It. Give It. initiative, which has brought more than 75% of its products toward lessened environmental impact, and Garyline with its International Sustainability & Carbon Certified auditing and emphasis on post-consumer recycled content.
Written by: Josh Ellis
Published with Permission from PPAI
