SEMINOLE — Superior Uniform Group purchased a Chicago-based promotional products company known for its point-of-purchase display and merchandising expertise as part of an expansion plan in the retail promotions industry.
The deal for Tangerine Promotions, conducted via Superior's Bamko subsidiary, was finalized Friday with a purchase price of $7.2 million in cash, about $2 million of Superior Uniform Group's common stock that will vest over a four-year period, the potential future payment of $5.5 million based on performance through 2021, and the assumption of certain liabilities of Tangerine.
With such clients as Disney, GE and Fox Sports, Tangerine's revenues this year are projected to be approximately $36 million. The acquisition is expected to be accretive to Superior's operating results in 2018. Superior, which provides uniforms to various industries, has enjoyed a strong year with a stock price recently topping $25 — an all-time high.