Novexco Inc. announces acquisition of S.P. Richards Canada in order to further broaden its Canadian footprint Français
This acquisition will double Novexco Inc. supply chain and distribution network across Canada
MONTREAL, Jan. 7, 2020 /CNW Telbec/ - Canadian leader in the office supply industry, Novexco Inc., announces the acquisition of S.P. Richards Co. Canada Inc., (S.P. Richards Canada), the Canadian operations of U.S. based S.P. Richards, effective January 1, 2020. Novexco Inc. (Novexco) has been broadening activities to help reach clients from coast-to-coast. Adding five additional warehouses to Novexco's existing network will provide a faster delivery service to all customers of the group by being able to reach them within 24 hours, no matter where their location in the country.
"This acquisition is complementary to our current distribution channel. The acquired warehouses in Western Canada will help us serve our customers in the West, whereas our existing warehouses in Eastern Canada will help reduce the delivery time to S.P. Richards Canada's customers in the East. We are pleased to expand our presence in Canada and offer an array of products and a robust coast-to-coast distribution service" says Denis Mathieu, President and Chief Executive Officer of Novexco.
"The sale of S.P. Richards Canada allows us to focus our business on the U.S. market. In undertaking this process, it became clear that Novexco was the best partner for our Canadian customers and our employees. I want to thank the entire S.P. Richards Canada team, whose hard work and dedication have made this transaction possible. We will be working very closely with the Novexco management team to help ensure a smooth transition for our employees, customers, and supplier base," said Rick Toppin, President and Chief Executive Officer of S.P. Richards.
A larger catalog for new and existing clients
S.P. Richards Canada is a distributor of over 16,000 products of both branded and private label office products. This acquisition will enable customers' access to a broader selection of products and brands. Furthermore, a long-term agreement has been put into place with S.P. Richards for continued access to their private brands across all Novexco customer channels and markets in Canada.
"As the office supply industry is rapidly evolving we need to continue to be on the forefront of the needs of our clients, and in addition to our current assortment of products we will continue to deliver all products currently provided to Canadian customers by S.P. Richards Canada," continues Denis Mathieu.
Novexco Inc.
Novexco, founded in 1996 and owned by its merchant members, is the largest Canadian owned distributor of office supplies, technology products and furniture. Since March 2018, its commercial activities, the national sales division, the transactional website and the 109 Eastern-Canadian stores, have been grouped under the trademark Hamster®. The company also serves Canadian wholesalers under the Chestwood division. Novexco supplies Canadian consumers and businesses from its distribution centers in Vancouver BC, Calgary AB, Edmonton AB, Markham ON, Brampton ON, Toronto ON, Laval QC, Montreal QC and Dartmouth NS. Novexco is part of the Platinum Club of the Best Managed Companies in Canada. For more information, visit the Novexco website at www.novexco.com.
S.P. Richards
S.P. Richards, the Business Products Group of Genuine Parts Company, is a leading business products distributor throughout the U.S. and Canada, with 2018 revenues of approximately $2.0 billion. S.P. Richards equips reseller customers with an expansive offering of general business products, including everyday essentials like office, paper, and printer supplies, as well as office furniture, jan/san, facility, breakroom, and safety supplies. S.P. Richards distributes more than 98,000 items to over 9,700 resellers and distributors from a network of 54 distribution centers across North America.
SOURCE Novexco Inc.
Sources: Audrey-Ann Bergeron, Communications Coordinator, Novexco Inc., [email protected], 514 333-0333, ext. 8373; For Media Inquiries: Sarah Cope Corbeil, Consultant, Capital-Image, [email protected], 514 585-6223
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