IG Design Group Americas, a subsidiary of IG Design Group, has agreed to acquire US-based Impact Innovations for around £56.5m.
Based in Clara City of Minnesota, US, Impact Innovations supplies gift packaging and seasonal décor products.
Impact Innovations CEO John Dammermann said: “Together we have even greater opportunity for future growth and I look forward to continuing to play a key role in delivering ongoing success within the Americas and throughout the overall Group.”
Founded in 1968, Impact Innovations is engaged in the designing, manufacturing and distribution of seasonal and special occasions products with specialized in paper, fabric and décor.
With around 250 employees, the company has gift wrap manufacturing, warehousing and distribution facilities in Memphis, Tennessee.
The firm also manages additional manufacturing operations in Shaoxing of China and offices in Hong Kong.
The customers of the company include major US retailers such as Walmart, Shopko, Target, Kroger, and Meijer.
The combined firm will turn as one of major consumer gift packaging business, and will allow IG Design to enter into the seasonal décor product category both in North America and other markets across the world.
With advanced gift packaging manufacturing capability, the combined firm will also serve as a one stop shop product and service solutions provider for the customers.
IG Design Group CEO Paul Fineman said: “The combination of Impact Innovations with Design Group not only doubles the scale of our business in the Americas, it further enhances the overall performance and growth potential of our whole Group whilst continuing to illustrate our delivery of the Group’s stated strategy.
“We are delighted to be acquiring a business that has a strong track record of consistent robust financial performance and cash generation through providing great product and category management expertise to its customers.”
IG Design Group is involved in the designing and manufacturing of celebration, gifting, stationery and creative play products. The group’s firms operate across multiple regions, categories, seasons and brands.