Breaking News: BAMKO Acquires Gifts By Design
BAMKO (PPAI 242148, D11), a Los Angeles, California-based distributor under the umbrella of the Superior Group of Companies, announced today that it has acquired substantially all of the assets of distributor Gifts By Design, Inc. of Seattle, Washington.
Gifts By Design delivered approximately $18.2 million in revenue in 2020 and is expected to be accretive to SGC’s fiscal year 2021 operating results. Gifts By Design will operate as the Awards, Recognition And Incentives Division of BAMKO.
“The acquisition of Gifts by Design immediately positions BAMKO to become an industry leader in corporate awards, incentives and recognition programs,” says Jake Himelstein, chief operating officer and chief financial officer of BAMKO. “This acquisition will provide BAMKO with the opportunity to develop the awards, incentives and recognition program vertical across our existing portfolio of clients and leverage our salesforce to extend that vertical to future clients. We also have an immediate opportunity to extend the unique suite of capabilities and services that only BAMKO has to offer to develop new verticals across Gifts By Design’s existing customer base. In so doing, we will be able to strengthen and deepen those client relationships and expand our sales footprint with them.”
Jamie Stone, president and founder of Gifts By Design, adds, “Joining forces with BAMKO is not a decision we arrived at lightly. I’ve known the BAMKO team for years. As I’ve watched their growth and success in recent years, it became clear that BAMKO is something very different from the rest of the industry. BAMKO has distinguished itself with its unmatched technological capabilities, an award-winning creative team, an incredible overseas sourcing operation, and an unparalleled ability to win and service major program business for the world’s biggest brands. Joining forces with BAMKO creates incredible opportunities for our employees, offers our clients access to the most impressive set of capabilities in the industry, and gives us a platform upon which to build the best and most technologically advanced awards, incentives and recognition solution in the entire industry. What excites me most is the opportunity to become part of such a positive, enthusiastic and hard-working team. BAMKO’s culture of empowering individuals to relentlessly pursue personal and professional growth is something truly special. We’re excited to partner with BAMKO and build something special here.”
Stone will remain with the business as president of BAMKO’s newly-formed division.
“Jamie and her team have built an exceptional culture that we think will fit right in with the special group we have here at BAMKO,” says BAMKO President Phil Koosed. “By joining forces, both companies will immediately become better with increased capabilities and product offerings. We are adding talent and proven leadership whose positive impact will reverberate throughout the entire organization. Our employees and clients will benefit substantially from the opportunities that this acquisition creates, and we cannot wait to get started.”
Learn more about the acquisition in Tuesday’s PPB Newslink.