Prime Line To Acquire Jetline
As reported earlier today in a PPB Newslink Breaking News, Prime Line® (Prime Resources Corp., UPIC: PRIME) has announced a deal in principle to acquire fellow supplier Jetline® (UPIC: jetline) from Gemini Manufacturing. The transaction, the terms of which have not been released, is scheduled to formally close later this month.
“We are very excited to welcome Jetline to the Prime family and immediately start to give our distributor customers even more products and services to choose from,” says Prime Line CEO Jeff Lederer. Speaking exclusively to PPB Newslink, Lederer adds, “We’ve been in conversation about this deal for the past six months. We’ve had an open and transparent relationship for many years, and a nice rapport. We began talking and got excited about the synergies that could be created. It’s really about giving a higher service to our distributor base.”
Lederer notes that Jetline has excelled by strategically focusing on lower-priced items, and that under Prime’s stewardship, the brand will continue to offer deep inventory and free 24-hour rush service. He says, “It fits perfectly with our brands and partners— we’ll create synergies with our product mix. We’ll also listen to our distributors and build whatever we do on exceeding their expectations.”
Jetline Founder and CEO Eric Levin adds, “Both Prime and Jetline have a rich tradition of customer-driven innovation and delivering world class service and support. Jetline’s success in the value priced end of the market, combined with Prime’s reputation for excellence will certainly enhance the value proposition for our loyal customers. We’re proud to be part of the team.”
In recent years, Prime has worked to enhance its product line by developing unique and exclusive products like MopToppers, adding retail brands like BUILT NY and through acquisitions such as the Points of Light and Leeman leather lines. In addition, Prime’s acquisitions of Source Abroad (ROI-Line) and Get It Global have significantly strengthened the company’s overseas capabilities.
Prime will continue to operate the Jetline facility in Gaffney, South Carolina and maintain its headquarters in Bridgeport, Connecticut. Orders and inquiries for each product line should continue to be channeled to their respective locations. Levin will serve as Prime’s executive vice president and as a member of Prime’s management team. Additionally, Jetline President Michael Honig will join Prime as a vice president.
While Prime plans to unify the marketing and product development teams, and leverage the best of both organizations, it has already folded together the sales efforts of two companies. Lederer says, “We’ve hit the ground running. We’ve fully integrated the sales teams of both companies. We want everything customer facing to be very clear and without interruption.”