SPAR Group Announces Acquisition of U.S. Merchandising Services Company
SPAR Group (NASDAQ: SGRP) today announced that the company has acquired 51% of a U.S. based company that provides merchandising services to multiple Fortune 500 companies. The company is currently generating approximately $3 million in annual revenue specializing primarily on in-store merchandising and new store opening and remodeling projects.
"SPAR Group is pleased to announce the expansion of our domestic business," said Gary Raymond, Chief Executive Officer of SPAR Group Inc. "This acquisition is part of management's strategic plan to expand the overall scope of our U.S. based merchandising efforts in order to establish the company as the true market leader within the domestic retail merchandising industry. This acquisition, coupled with several additional U.S. opportunities, will allow us to strengthen our long-term competitive position in our targeted markets and enable us to service a broader range of retailers and manufacturers. We are pleased to tell our shareholders that this transaction combined with our recent international contract awards and newly announced Romania joint venture, place SPAR Group on a growth trajectory to achieve over $100 million in revenue going forward."
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