Global Continues Acquisitions30 Nov, 2004
Global Continues Acquisitions
Global Imaging Systems, Inc. has acquired Stewart Industries, with corporate offices in Mount Laurel, New Jersey, a leading provider of office technology throughout the state. In business since 1959, Stewart sells and services Savin copiers, facsimiles and printers from five New Jersey locations, and currently has annual revenues of approximately $30 million. Stewart becomes Global's 18th core company.
Global Imaging Chairman and CEO Tom Johnson said, "This is a particularly good fit with Global. The strong leadership provided by Charles "Chuck" Cahn, 49, principal owner and president of Stewart Industries, has allowed the company to become a fast-growing, well-respected office technology provider. We are especially pleased to have Chuck join our cadre of strong entrepreneurs who are now managing and expanding Global's core company operations."
Mr. Cahn said, "My employees, management team and I are extremely excited about becoming a part of the winning team at Global. We are confident that Stewart Industries will make an ongoing contribution to the strong growth Global has seen over the past several years. The resources that Global provides will help Stewart to continue to grow and prosper in the years to come. This is truly a win-win situation for both Stewart and Global." Stewart Industries has been awarded Savin's prestigious President's Award five out of the last six years.
Mr. Johnson added, "This acquisition puts Global well ahead of our external growth target to date. Previously, we said we anticipated acquiring, on average, $60 to $100 million in annualized revenues each year for the three-year period ending March 2006. So far this fiscal year, we have acquired in excess of $150 million in revenues. This acquisition is part of our disciplined, on-going effort to fill out our dealer network in the top 250 markets in North America."