Stran Announces Acquisition of Strategic Assets of Gander Group™, Strengthening Foothold in the Gaming and Entertainment Industries
26 August 2024 - 3:00PM
Stran & Company, Inc. ("Stran" or the "Company")
(NASDAQ: SWAG) (NASDAQ: SWAGW), a leading outsourced marketing
solutions provider that leverages its promotional products and
loyalty incentive expertise, today announced the acquisition of
assets and assumption of certain liabilities of Bangarang
Enterprises, LLC, doing business as Gander Group, through a secured
party sale initiated by the holder of Gander Group’s senior
financing facility. Since its founding in 2009, Gander Group has
been a recognized leader in casino continuity and loyalty programs,
generating over $34 million in revenue in 2023.
The acquisition was conducted by Stran’s
newly-formed subsidiary, Stran Loyalty Solutions, LLC. The Gander
Group business will be operated by Stran Loyalty Solutions as an
extension of the Company’s newly formed Casino Continuity and
Loyalty group.
Gander Group, headquartered in Irvine,
California, has historically boasted a strong track record of
success, supporting leading casinos and other premier brands. By
adding Gander Group’s strategic assets focused on gaming, casino,
and entertainment industries, with Stran's existing operational
infrastructure and customer base, the Company expects to benefit
from significant cross-selling opportunities and operational
efficiencies to drive both revenue growth and enhanced margins.
Additionally, Josh Blake, Chief Executive Officer and founder of
Gander Group, and Bruce Batcheller, Chief Operating Officer, will
join Stran Loyalty Solutions to support the Casino Continuity and
Loyalty group.
"This is an important acquisition for Stran, our
employees, and our valued clients," said Andy Shape, CEO of Stran.
"Gander Group's industry-leading solutions for casino continuity
and loyalty programs perfectly complement our comprehensive suite
of promotional products. In addition, this strategic move allows us
to cross-sell these offerings across all verticals, further
enhancing the value we deliver to our stakeholders while increasing
our penetration and recognition on the West Coast. Following the
acquisition, we project our annualized revenue run rate will exceed
$100 million, and expect the purchase will contribute positive cash
flow. Moreover, we expect this transaction will be accretive for
stockholders."
"We are thrilled to join forces with the
exceptional team at Stran," said Josh Blake. "The sale will provide
our notable casino and entertainment clients with unparalleled
resources and expertise to support and accelerate a growth
trajectory. We are also confident that Stran’s capabilities can
help build upon the strong foundation Gander has established and
deliver even greater value to our clients in the future."
About StranFor over 29
years, Stran has grown to become a leader in the promotional
products industry, specializing in complex marketing programs to
help recognize the value of promotional products, branded
merchandise, and loyalty incentive programs as a tool to drive
awareness, build brands and impact sales. Stran is the chosen
promotional programs manager of many Fortune 500 companies, across
a variety of industries, to execute their promotional marketing,
loyalty and incentive, sponsorship activation, recruitment,
retention, and wellness campaigns. Stran provides world-class
customer service and utilizes cutting-edge technology, including
efficient ordering and logistics technology to provide order
processing, warehousing, and fulfillment functions. The Company’s
mission is to develop long-term relationships with its clients,
enabling them to connect with both their customers and employees in
order to build lasting brand loyalty.
Additional information about the Company is
available at: www.stran.com.
Forward Looking
StatementsThis press release contains
“forward-looking statements” that are subject to substantial risks
and uncertainties. All statements, other than statements of
historical fact, contained in this press release are
forward-looking statements. Forward-looking statements contained in
this press release may be identified by the use of words such as
“anticipate,” “believe,” “contemplate,” “could,” “estimate,”
“expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,”
“predict,” “project,” “target,” “aim,” “should,” "will,” “would,”
or the negative of these words or other similar expressions,
although not all forward-looking statements contain these words.
Forward-looking statements are based on the Company’s current
expectations and are subject to inherent uncertainties, risks and
assumptions that are difficult to predict. Further, certain
forward-looking statements are based on assumptions as to future
events that may not prove to be accurate. These and other risks and
uncertainties are described more fully in the section titled “Risk
Factors” in the Company’s periodic reports which are filed with the
Securities and Exchange Commission. Forward-looking statements
contained in this announcement are made as of this date, and the
Company undertakes no duty to update such information except as
required under applicable law.
Contacts:
Investor Relations ContactCrescendo
Communications, LLCTel: (212) 671-1021SWAG@crescendo-ir.com
Press ContactHowie
Turkenkopfpress@stran.com
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