Company senior management and Citigroup to acquire IWCO Direct

Feb 9, 2005 5:40 PM

IWCO Direct (Chanhassen, MN) has announced its senior management and Citigroup Venture Capital Equity Partners L.P. (CVC) (New York) will acquire the company from its current shareholders.

The current management team, led by president and CEO Jim Andersen, executive vice president of marketing and sales Tom Wicka, and executive vice president and CFO Pete Karle will continue to operate the company. IWCO Direct founder Frank Beddor will retire as company chairman. Andersen says, “IWCO Direct could not have achieved its role as a leader in direct mail without Frank’s vision, wisdom and support over the past 35 years. His imprint will remain on our business as we move into the next phase of development with a new business partner.”

Says Beddor, “In the 35-year history of IWCO Direct, this team has done an outstanding job as evidenced by new records for both sales and efficiencies. I can retire knowing that the company is in the strongest position in its history, and with such a powerful new partner as CVC, I have no doubt that this team will take the company to a much higher level very quickly.”

Commenting on the acquisition, CVC managing partner Mike Delaney says, “We believe IWCO Direct’s integrated ‘total package’ supply chain management solution is unique in its industry and provides a strong value proposition to its blue chip customer base of preeminent direct marketers.”

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