By Generational EquityOct 11, 2016, 04:00 et
Generational Equity, a leading mergers and acquisitions advisor for privately held, middle-market businesses, is pleased to announce the sale of its client, Economy Paper Company of Rochester, NY, to the Wescott Group of Henrietta, NY. The acquisition closed September 1, 2016. Details were not disclosed.
Economy Paper Company has been serving customers since 1936 and offers fine paper, industrial packaging and sanitary maintenance products. The company was sold by the founders' sons.
The Wescott Group, a janitorial supply distribution company, was established in 2014 when American Maintenance Supply merged with Eastern Maintenance Supply. The Wescott Group also operates a janitorial retail store that sells cleaning chemicals, paper products, and other facility maintenance items. In addition, the company sells and services machinery used for industrial and commercial cleaning.
"Economy Paper's knowledge and experience in the fine paper and office printing supplies market is the perfect add-on to provide the diversification I was looking for," said Tim Wesley, president of the Wescott Group.
"This acquisition allows us to form a larger, more agile business, better able to serve our customers with competitive pricing, efficient service and timely deliveries."
The new company will transition to the new name Economy Products & Solutions, Inc., and will employ 38 people.
"This transaction was a win-win situation for all parties involved, especially for long-time and loyal employees of Economy Paper," said Ahmad Behjati.
"It has satisfied the owners' concern by securing continuous employment for their loyal employees, keeping the jobs at the current location, and creating goodwill and support for the new owners."
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