Checkpoint Systems Inc announced that it has completed the acquisition of Shore to Shore, Inc., including the Adapt Group and related assets. Shore to Shore, headquartered in Centerville, Ohio, is a global retail apparel and footwear product identification business with production locations in 13 countries.
The company designs, manufactures and sells a full line of merchandise identification products including hang tags, price tickets, printed paper tags, pressure sensitive products, woven labels, leather and leather-like labels, heat transfer labels and brand protection and EAS solutions/labels.
The initial purchase price for the all cash acquisition will be $62.95 million less any debt. A contingent purchase price payment of up to $23.75 million may be made if certain financial results are realized for the calendar year ended December 31, 2010, pending post closing verification.
Checkpoint expects Shore to Shore revenues for 2011 to be in the range of $60 million to $65 million. The transaction, excluding transaction expenses, is expected to be accretive to earnings this year.
The acquisition of Shore to Shore is a further step in Checkpoint's strategy to become the recognized number two global provider of apparel labeling solutions and places Checkpoint significantly closer to its goal of growing the revenue of the Apparel Labeling Solutions business to over $400 million.
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