Lincolnshire Sells National Pen

Lincolnshire Sells National Pen

Cimpress NV has agreed to acquire National Pen Co., a manufacturer and marketer of promotional products, for $218 million in cash. National Pen has been a portfolio company of Lincolnshire Management since 2012 when it was acquired from Berwind Corporation. Berwind acquired National Pen in 2005 from Tom Liguori whose father founded the company in 1966.

National Pen’s promotional products are sold to small and medium businesses and include pens and other writing instruments; tote bags; drinkware; stationery and calendars; flash drives; lanyards; letter openers; magnets; picture frames; and many other products.

National Pen’s revenue is expected to be approximately $275 million in calendar year 2016, reflecting year-over-year growth of approximately 10%. The company is headquartered in San Diego with additional locations in the United States, Mexico, Ireland, and France (

Cimpress NV (NASDAQ:CMPR) specializes in mass customization of physical products including: printed marketing materials, signage, photo products, embroidered apparel and promotional products. The company was founded in 1995 as Bonne Impression by current President and CEO Robert Keane. The company change its name to Vistaprint in 1999 and went public in 2005. Cimpress is headquartered in Venlo, Netherlands (

“Just like business cards, custom pens are a simple yet highly effective way for small business owners to market their companies,” said Mr. Keane. “National Pen is a clear leader in one of the key promotional product segments and has excellent manufacturing and supply chain capabilities which we do not have today. By combining the company’s capabilities and expertise with those of Cimpress, we are confident we can help to grow both National Pen and the promotional products offering of our existing portfolio of brands.”

“We believe our industry is at the beginning of a period of disruptive shift to e-commerce, and we are thrilled about the opportunities that joining Cimpress will create for our customers and team members,” said Peter Kelly, National Pen’s President and Chief Executive Officer. “We expect our business to thrive as part of Cimpress, and we look forward to eliminating the cost barriers that currently keep businesses from fully expressing their individual brands across a wide variety of personally relevant marketing materials and gifts.”

Lincolnshire is a middle market private equity firm that manages $1.7 billion and focuses on acquiring business platforms with $50 million to $500 million in revenue that can be meaningfully grown organically and through acquisitions.  Lincolnshire has completed more than 70 acquisitions, and is currently investing its $835 million private equity fund, Lincolnshire Equity Fund IV.  Founded in 1986, the firm has offices in New York and Los Angeles (

© 2017 Private Equity Professional | January 11, 2017

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