Central National Gottesman Inc. (CNG) announced that it has signed a definitive purchase agreement to acquire S.P. Richards (SPR), an independent business products wholesaler based in Atlanta, Georgia. The closing is expected to take place on January 31, 2023.
SPR operates from a network of 30 full-stocking distribution centers strategically positioned across the U.S. to support more than 8,000 resellers, including office products dealers, JanSan distributors, online e-tailers, and others. SPR supports the growth of its resellers with access to a broad offering of branded and private label products in key categories such as office supplies and furniture, business technology equipment, facilities and janitorial supplies, breakroom, and safety equipment.
"S.P Richards is a leader in this market space, and we are excited about its national distribution capabilities," said Andrew Wallach, President and CEO of CNG. "We believe we can grow the business over time in a way that will benefit our customers, suppliers, and employees, and we are thrilled to welcome our new SPR colleagues to the CNG family."
Wallach added that CNG Senior Vice President Bill Meany will become President of SPR, assuming the leadership role in addition to his current responsibilities at CNG.
"We are committed to enhancing the valuable services that SPR provides to the independent dealer network and its suppliers," said Meany. "We look forward to working alongside the talented team at SPR."
SPR Executive Chairman Yancey Jones and President and CEO Mike Maggio will continue with the organization in leadership advisory roles.
"The acquisition by CNG allows SPR to continue our strategic growth plans through investments and an enhanced inventory position," said Jones, who will become President of the SPR Advisory Board. "Mike and I have always believed that an independent wholesaler is critical to the success of our customers and supplier partners, and CNG understands the importance of SPR remaining a traditional wholesaler."
Maggio, who will continue with the organization as a Senior Advisor to Meany and member of the advisory board, said that "finding a like-minded company that believes in a strong employee-first culture was a top priority as we explored this exciting opportunity with CNG."
The organization will continue to operate as S.P. Richards and anticipates minimal operational changes to the business beyond ongoing investment in updated logistics, technology, additional inventory, and warehousing systems to support the company's long-term growth strategy.
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