Our company looks forward to the future and is excited about continuing to lead in the retail and merchandising space. These are growing areas for us as we see new solutions for our customers.
Below is a press release from the Jim Pattison Group:
"JIM PATTISON GROUP AGREES TO SELL U.S. MAGAZINE DISTRIBUTION RELATED ASSETS TO AMERICAN NEWS COMPANY, LLC
VANCOUVER, November 29, 2018 /PRNewswire/ -- The Jim Pattison Group (JPG) today announced that it has reached an agreement to sell its United States magazine distribution business (TNG), including their interest in The News Group LP, to American News Company, LLC (ANC). The sale is expected to close by December 31, 2018 at which time executive management, and the approximately 1,500 employees of the acquired businesses, will transition to ANC and continue to oversee the day-to-day operations.
“This transaction allows the publishing community to have a more significant voice in the continued development of its supply chain and efforts to secure more efficient and thereby profitable newsstand results.” said JPG President Glen Clark. “The stakeholders most impacted by this business, now have an extraordinary opportunity to be directly involved in a critical aspect of their business and will be well positioned to ensure its consistency, efficiency and sustainability.”
The agreement to sell JPG’s U.S. magazine business includes its distribution centers, depots, vehicles, systems, retailer contracts, publisher contracts, management personnel and related employees. Additionally, ANC will also acquire JPG’s ownership stake and all related assets of Retail Support Services (RSS), Magazine Information Network (MagNet), Comag Marketing Group (CMG) and Genera Solutions. ANC will enter into a long-term merchandising services agreement with TNG Merchandising (which is not part of the acquisition and remains owned by JPG) to ensure that magazines continue to be properly merchandised at retail. TNG Canada’s operations (wholesale and RS2 Canada) are also excluded from this transaction and will continue to be owned by JPG and run in the ordinary course.
“We are confident that aligning a leading U.S. magazine wholesaler with our valued newsstand partners will have a significant and positive impact on all our stakeholders,” said TNG President David Parry. “Our commitment to the channel, and growth of all involved, will be underscored as we continue to work closely with our vital retail customers, suppliers and employees to ensure a low cost, efficient and long-term sustainable business. TNG will be laser-focused on ensuring a seamless transition for all channel participants.”
American News Company, LLC, is a Chatham Asset Management (Chatham) portfolio company. Chatham is a $4 billion hedge fund and a longtime supporter of the media industry."
As stated above, ANC and TNG Merchandising will enter into a long-term strategic partnership. TNG Merchandising, the industry leader of in-store merchandising, will continue to provide consistent and reliable service to all our retail customers. As part of this new relationship, ANC and TNG Merchandising will collaborate on a variety of programs to enrich the client’s experience. TNG Merchandising brings the strength of 10,000 employees to support the distribution channel required by the new American News Company.
“We share the commitment of ANC in establishing this long-term relationship. The strength of TNG Merchandising is in the breadth of our experience, the expanse of our national footprint and the engagement of our 9,500 field-force representatives,” said TNG Merchandising President John D. Swider. “We are thankful for the longstanding support from the Jim Pattison Group and look forward to this continued collaboration in the magazine distribution industry and we are excited to be aligned with this new venture.”
# # #
Headquartered in Vancouver, BC, Canada, The Jim Pattison Group (JPG) is a diversified group
of operating businesses primarily in the United States and Canada that enjoy strong and positive
market reputations, with most occupying leadership status within their respective industries.
JPG’s operating divisions span the automotive, advertising, media, agricultural equipment, food
and beverage, entertainment, exporting, financial, real estate and periodical distribution
industries. JPG has grown to be Canada’s 2nd largest privately held company with over $10.1B in
annual sales and more than 45,000 employees world-wide. For more information please visit
About American News Company, LLC
American News Company, LLC (ANC) will, upon closing the announced acquisition, be a leading magazine wholesaler in the United States for publishers and retailers. ANC, through its subsidiary Comag Marketing Group LLC, will be a leading provider of national distribution services, including billing and collection and sales and marketing services, for publishers. MagNet and Retail Support Services, both subsidiaries of ANC, will offer licensing of magazine sales information and retail display services, respectively, to publishers and retailers.
About TNG USA
TNG Merchandising headquartered in Smyrna, Georgia remains a Jim Pattison Group company with over 12,000 employees located in all 50 states that provide direct store continuity merchandising, audits, as well as, in-store reset services through its RMSI division.