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Wescott Group acquires Economy Paper Company
New York, US-based Economy Paper Company has been acquired by janitorial supply distribution company, the Wescott Group, also of New York.
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 Co. has been serving customers since 1936 and offers fine paper, industrial packaging and sanitary maintenance products. The company was sold by the founders' sons.
"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," says 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 and will employ 38 people.
Ahmad Behjati, an affiliate of Generational Equity, which handled the transaction, said of the move: "This transaction was a win-win situation for all parties involved, especially for long-time and loyal employees of Economy Paper.
"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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13th October 2016