Investcorp purchases Paper Source for an undisclosed amount
Investcorp, the alternative investment manager based out of Bahrain, acquired stationary retail firm Paper Source for an undisclosed amount. In a statement released Tuesday, Investcorp had entered into a deal with Los Angeles-based private equity firm Brentwood Associates for the sale of the paper firm.
Paper Source is based out of Chicago, with 73 stores across 23 US states. Acting as financial advisor to the transaction was Morgan Joseph TriArticsan and legal advisory services were provided by Gibson, Dunn and Crutcher.
According to Investcorp President for Gulf business Mohammed Al-Shroogi, "Paper Source is market-leading retailer with a differentiated product offering and exceptional customer service. We look forward to working with (CEO) Sally Pofcher and the Paper Source team as they seek to continue to grow the company's store base and ecommerce presence."
In the last financial quarter, Investcorp had reported a rise of 56% in full-year net income on Tuesday. The said growth was fueled by an increase in fee incomes. The fee income of the firm came from luxury brands Gucci and Tiffany, rose 40% to USD329.5 million when the two brands went public.