PromoWire (3/14-3/15): News And Notes From Around The Industry
(Editor’s Note: PromoWire by PPAI Media is a running digest of news releases and updates submitted from organizations around the promotional products industry. PPAI Media edits these only slightly, including for length, and will consider newsworthy entries from any member organization.)
March 15, 2032
4imprint Says 2022 Pre-Tax Profit Rose 236% In Record Year
More details have emerged about 4imprint's record breaking year, in which the distributor broke the $1.1 billion milestone in revenue.
- According to the company, its pre-tax profit for 2022 was a 236% jump to $102.9 million.
- This was the result of a 45% increase in revenue.
This is followed by significant optimism in the company's 2023 after "encouraging" trading in the first few weeks of the fiscal year.
- Analysts are forecasting double-digit revenue growth for 2023.
- Also of note is an expected 5% increase in earnings per share this year.
A few reasons were provided for the strong year, including:
- A 30% increase in sales volumes.
- A 36% increase in the value of orders.
- A focus and increase in marketing productivity.
March 15, 2023
SanMar Announces New Distribution Center In Greater Richmond Area
SanMar (PPAI 110788, S16) has announced the addition of a new distribution center in Ashland, Virginia, approximately 16 miles north of Richmond. The facility is SanMar's ninth distribution center in the United States and marks a major initial investment in the Greater Richmond area.
- The new Ashland facility comprises 1.1 million square feet of capacity. The company hired its first employees in Ashland in February.
- This new location will be SanMar's largest distribution center and serve as the flagship facility for the company's East Coast distributions. The company has committed a minimum investment of $50 million to bolster its deep inventory and shipping capabilities and its longstanding commitment to meeting the needs of customers nationwide with reliable service.
- “We are really excited about the Virginia distribution center," says Jeremy Lott, CEO of SanMar. "It will be our largest building and employ over 1,000 people when fully built out. We are investing significantly in advanced material handling systems but won't be fully functional until later next year. Our 50-plus-year commitment to deep inventories continues with the growth of the business and this building.”
SwagUp Receives Growth Funding From Decathlon Capital Partners
SwagUp (PPAI 678556, D1) has landed a significant investment from Decathlon Capital Partners. Details on the revenue-based funding investment were not disclosed.
- Headquartered in Piscataway, New Jersey, SwagUp will use the funds to support its growth initiatives, as well as to expand its product offerings and enhance its client service capabilities.
- Michael Martocci, founder and chief executive officer of SwagUp, said the company has experienced remarkable growth since its launch in May 2017. “In under three years, we went from having no clients to working with more than 5,000 top companies,” Martocci said. “Our mission to eliminate the issues that come with the swag buying and the distribution process resonated with companies that were looking for premium swag packs.”
- The revenue-based funding approach from Decathlon Capital Partners provides a highly flexible solution to finance the company’s impressive growth. The investment did not require any exchange of equity or ownership for capital, and SwagUp was not required to give up any control of the company. Instead, SwagUp will repay the investment through its future revenues.
March 14, 2023
Team Phun Announces New Sales Director
Team Phun (PPAI 728828, D3) has hired Jenn Mayenschein as its new director of sales. The announcement was made official in February.
- Mayenschein brings extensive experience in sales and business development to the Team Phun team and will play a significant role in driving the company's growth and expanding its market presence across the nation.
- Mayenschein has a proven track record of success in developing and executing national sales strategies, building strong relationships with clients and leading sales teams to achieve their goals. As director of sales, she will be responsible for leading Team Phun's sales efforts and driving 100% YOY national growth by expanding its client base and strengthening its relationships with existing clients.