(PRESS RELEASE) MENTOR, OH — Avery Dennison (NYSE:AVY) has signed a definitive agreement to acquire Silver Crystal Group, an established player in sports apparel customization and application across in-venue, direct-to-business, and e-commerce platforms. It is headquartered in Toronto, Ontario, Canada, and has a distribution center in Buffalo, New York, United States with revenues of approximately $30 million. Silver Crystal Group is recognized for its in-venue Fanzones solution. This is deployed across over 400 outlets within major leagues and key retail stores in the US and Canada, as well as for creating product innovations for many notable brands and companies.
The acquisition will allow the combined businesses to build on their collective industry knowledge, expertise, quality, and service to drive further growth in Avery Dennison’s high-value external embellishments segment. Once the deal closes, the Silver Crystal Group will become part of the Solutions Group of Avery Dennison. This will expand its Embelex solutions portfolio, a full-service, end-to-end platform for on-product branding, graphics, and trims.
The combination of Avery Dennison and Silver Crystal Group’s solutions will add value to sports fans. Strong, complimentary product lines and proficiencies will enable further improvement to the level of service.
“We are excited to have reached a definitive agreement to acquire the Silver Crystal Group,” said Michael Barton, senior vice president and general manager, Apparel Solutions, Avery Dennison. “Together, I am confident we will create a force that will continue to develop the embellishment category and deliver for key customers and stakeholders every step of the way.”
“We look forward to the enormous possibilities this collaboration brings to the future of the industry. This is a proud moment for the team at the Silver Crystal Group and the highlight of my business career,” said Adam Crystal, CEO. “This will provide enhanced value to our esteemed customers and the industries we are dedicated to serving.”
This transaction is expected to close in the last quarter of 2023. Avery Dennison and Silver Crystal Group remain two separate companies until the transaction closes.