News May 22, 2023
Indoff Acquired by Billion-Dollar Publicly Traded Firm
The distributor, whose offerings include more than promo products, generated a reported $180 million in revenue in 2022.
Indoff (asi/231011) has a new owner.
The St. Louis, MO-headquartered promotional products distributorship was acquired by Global Industrial Company for $69.2 million in cash in a deal announced Monday, May 22.
While now a wholly owned subsidiary of New York-based Global Industrial Company, Indoff will continue to go to market under its current name and the promo firm’s leadership team will remain in place.
“This is an exciting time for our employees and our customers,” said Indoff CEO Jim Malkus. “As part of Global Industrial, we will be in a stronger position to drive the value we provide our customers and support the continued expansion of the business.”
Executives said Indoff generated total company revenue of $180 million in 2022.
The firm sells more than promotional products. Offerings include material handling/warehouse solutions, commercial interiors, business products, appliances and LED lighting. A press release said Indoff has more than 350 sales partners.
“Indoff is a strong and growing company and provides a great strategic fit with Global Industrial’s business.” Barry Litwin, Global Industrial Company
In operation for more than 50 years, Indoff has previously appeared on Counselor’s list of the Best Places to Work in the promotional products industry.
“Indoff is a strong and growing company and provides a great strategic fit with Global Industrial’s business and multi-channel sales model,” said Global Industrial CEO Barry Litwin. “We see a number of opportunities to enhance the value we collectively provide, including opening a new channel to deliver Global’s exclusive brand offering and national brand assortment, and the broader utilization of B2B e-commerce platforms.”
In business for about 70 years, Global Industrial funded the purchase of Indoff through an existing credit facility and cash on hand. The company provides more than a million industrial and maintenance/repair/operations products for a range of industries, from construction and education, to healthcare, hospitality and manufacturing.
Publicly traded, Global Industrial reported that its first quarter 2023 sales were $273.8 million, a 5.1% decline compared to the same quarter the prior year. For full-year 2022, Global Industrial’s sales rose nearly 10% to about $1.17 billion.