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Novexco Inc. announces acquisition of S.P. Richards Canada in order to further broaden its Canadian footprintThis 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 focusour 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. S.P. Richards SOURCE Novexco Inc. |