PURCHASE, N.Y., Jan. 11, 2023 /PRNewswire/ — Central Nationwide Gottesman Inc. (CNG), a $9B world gross sales, advertising, and distribution chief within the pulp, paper, tissue, packaging, wooden merchandise, and metals industries, introduced immediately that it has signed a definitive buy settlement to accumulate S.P. Richards (SPR), an impartial enterprise merchandise wholesaler based mostly in Atlanta, Georgia. The closing is anticipated to happen on January 31, 2023.
SPR operates from a community of 30 full-stocking distribution facilities strategically positioned throughout the U.S. to help greater than 8,000 resellers, together with workplace merchandise sellers, JanSan distributors, on-line e-tailers, and others. SPR helps the expansion of its resellers with entry to a broad providing of branded and personal label merchandise in key classes reminiscent of workplace provides and furnishings, enterprise know-how tools, services and janitorial provides, breakroom, and security tools.
“S.P Richards is a frontrunner on this market house, and we’re enthusiastic about its nationwide distribution capabilities,” mentioned Andrew Wallach, President and CEO of CNG. “We consider we are able to develop the enterprise over time in a method that can profit our prospects, suppliers, and workers, and we’re thrilled to welcome our new SPR colleagues to the CNG household.”
Wallach added that CNG Senior Vice President Invoice Meany will grow to be President of SPR, assuming the management position along with his present duties at CNG.
“We’re dedicated to enhancing the precious providers that SPR offers to the impartial seller community and its suppliers,” mentioned Meany. “We look ahead to working alongside the proficient group at SPR.”
SPR Govt Chairman Yancey Jones and President and CEO Mike Maggio will proceed with the group in management advisory roles.
“The acquisition by CNG permits SPR to proceed our strategic development plans by way of investments and an enhanced stock place,” mentioned Jones, who will grow to be President of the SPR Advisory Board. “Mike and I’ve all the time believed that an impartial wholesaler is vital to the success of our prospects and provider companions, and CNG understands the significance of SPR remaining a conventional wholesaler.”
Maggio, who will proceed with the group as a Senior Advisor to Meany and member of the advisory board, mentioned that “discovering a like-minded firm that believes in a powerful employee-first tradition was a high precedence as we explored this thrilling alternative with CNG.”
The group will proceed to function as S.P. Richards and anticipates minimal operational modifications to the enterprise past ongoing funding in up to date logistics, know-how, further stock, and warehousing methods to help the corporate’s long-term development technique.
About Central Nationwide Gottesman Inc.
Central Nationwide Gottesman Inc. (CNG) is a $9B gross sales and distribution group that owns companies within the world pulp, paper, tissue, packaging, wooden merchandise, and metals industries. Based in 1886 and headquartered in Buy, NY, CNG employs 3,100 folks in 29 international locations worldwide. CNG is privately held and builds on greater than 137 years of household possession, market information, and flexibility to create worth for purchasers world wide. To be taught extra, please go to https://www.cng-inc.com/.
SOURCE Central Nationwide Gottesman Inc.