SEATTLE, March 8, 2016 /PRNewswire/ -- Pacific Market International, LLC (PMI), a global leader in designing, manufacturing, and marketing innovative food and beverage solutions for busy lifestyles, announces an agreement to acquire Formation Brands, LLC (Formation). This acquisition will be accomplished in partnership with the investment firms Joshua Green Corporation and Endeavour Capital and advised by Robert W. Baird & Co. Incorporated. The addition of Formation and their experience developing and marketing trend-forward, everyday beverage and specialty housewares, will further diversify PMI's product line and customer base.
A dynamic and strategic fit for both companies, PMI will add value to Formation's business by providing their customers access to the legendary brands of Stanley® and Aladdin®. In turn, Formation's expertise in the private label and gifting markets alongside the company's diverse product portfolio, efficient sell-through process and specialization in ceramics complements PMI's housewares and private label businesses.
"PMI is rooted in sustainability, accountability and integrity; core values that are shared by Formation, a company that has established a long-standing record of delivering high-value, on-trend products. We are excited to work with a well-established company that has over 20 years' experience in development, design and distribution. This acquisition will provide a powerful partner in new product and merchandising solutions and strengthen both PMI and Formation," stated Rob Harris, CEO of PMI.
As an established leader within the housewares industries, PMI brings their signature product innovation, expert knowledge, long-standing relationships and highly regarded brands, Stanley®, Aladdin® and Migo® while Formation strengthens the combined company's private label housewares and independent gift retailer business.
"Both PMI and Formation strive to provide product innovation that excites, entertains and inspires the consumer. Today's announcement is a continuation of both our companies' visions. We couldn't think of a better partner for our future than PMI," said Mark Towery President and co-Founder of Formation Brands.
PMI and Formation seek to leverage the assets of one another's strategic shared services to create a powerful supply chain and operational platform that will benefit our customers and consumers.
Founded in 1983 by Rob Harris and guided by principles of sustainability, community and integrity, PMI designs, manufactures, and markets innovative food and beverage container solutions under three brands. Their two most recognizable brands, Stanley® and Aladdin®, are both over 100 years old and sold globally. Migo® was founded in 1999 and is rapidly growing in the Asia Pacific region. PMI also creates private label products for select global retailers. Headquartered in Seattle, PMI has offices in Bentonville, Shanghai, Amsterdam, Manila, Rio de Janeiro and, as a result of the Formation acquisition, San Francisco, Shenzhen, and Hong Kong. Additionally, PMI has ownership in three manufacturing facilities, one in China and two in Brazil.
About Formation Brands
Formed in 1994 by Mark Towery and Leslie Miller, Formation develops and markets trend-forward, everyday beverage and specialty gift housewares including tableware, barware and accessories to national and independent retailers. With a unique design-to-delivery approach, Formation provides innovative merchandise solutions and a streamlined delivery process for high-performing products from market research, product design and development, prototyping and production, safety testing and quality control, to warehousing and delivery.
Laura Lee Dootson, PMI
Alycia Cavadi, Momentum Media PR
SOURCE Pacific Market International, LLC