New England Business Service to Acquire Apparel Marketer

New England Business Service Inc. yesterday signed a definitive agreement to acquire Premium Wear Inc., a designer and marketer of logo-enhanced apparel and accessories used by the promotional products industry, for $13.50 a share, or $40 million including the assumption of $2.2 million in debt.

New England Business, which markets office supplies and other products to small businesses, said the acquisition would enhance its position as a marketer of personalized work clothing and promotional apparel to small businesses.

Premium Wear, Minnetonka, MN, sells its products under the Page & Tuttle and Pickering brand names and had revenues of about $47 million in its most recent fiscal year.

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