Avery Dennison, a global leader in labelling and packaging materials, is set to acquire Silver Crystal Group, a prominent player in sports apparel customisation.
This acquisition marks a significant development in the industry, promising enhanced services and value to customers.
Avery Dennison, a prominent company listed on the NYSE as AVY, has announced a definitive agreement to acquire Silver Crystal Group, a well-established entity specialising in sports apparel customisation and application.
Based in Toronto, Ontario, Canada, Silver Crystal Group operates with a distribution center in Buffalo, New York, US, and boasts revenues of approximately $30m.
Silver Crystal Group has earned recognition for its in-venue Fanzones solution, which has been deployed across more than 400 outlets within major leagues and key retail stores in the US and Canada.
The company is also known for its innovative product solutions for various well-known brands and businesses.
Enhancing industry services
The impending acquisition presents an opportunity for Avery Dennison and Silver Crystal Group to combine their industry expertise, quality and service capabilities.
This collaboration will significantly impact Avery Dennison’s high-value external embellishments segment. After the acquisition is finalised, Silver Crystal Group will become part of Avery Dennison's Solutions Group, thus expanding its Embelex solutions portfolio. Embelex offers a full-service, end-to-end platform for on-product branding, graphics and trims.
This union of two industry leaders is expected to benefit sports fans by creating strong, complementary product lines and proficiencies that will enhance the level of service provided.
Anticipated closing and future prospects
The acquisition is expected to be completed in the last quarter of 2023. Until the transaction is finalised, Avery Dennison and Silver Crystal Group will continue to operate as separate entities. Both companies express excitement about the potential for growth and innovation that this collaboration will bring to the industry.
Avery Dennison Apparel Solutions senior vice-president and general manager Michael Barton said: "We are excited to have reached a definitive agreement to acquire the Silver Crystal Group.
“Together, I am confident we will create a force that will continue to develop the embellishment category and deliver for key customers and stakeholders every step of the way."
Silver Crystal Group CEO Adam Crystal also shared his optimism: “We look forward to the enormous possibilities this collaboration brings to the future of the industry. This is a proud moment for the team at the Silver Crystal Group and the highlight of my business career. This will provide enhanced value to our esteemed customers and the industries we are dedicated to serving.”
