Art Materials drafts growth plans after Minneapolis acquisition
Sunday, March 31, 2013
Two fixtures in the market for fine art and commercial design supplies in Minneapolis are now former rivals with Art Materials’ acquisition of Penco Graphic Supply.
The acquisition unites Art Materials’ ambitious plans for continued growth and its retail expertise with Penco’s commercial sales savvy and the online sales experience of both companies.
Dave Brennan, marketing professor and co-director of the Institute for Retailing Excellence at the University of St. Thomas’ Opus College of Business, said the timing is good for the consolidation of Art Materials and Penco because of the rapidly improving Twin Cities economy and the accelerating rate at which baby boomers are retiring.
“Because they’re merging, it’s like getting rid of a competitor,” said Brennan, who noted that both Art Materials and Penco had received favorable online reviews.
“That allows them to leverage their product knowledge and their knowledge in terms of different kinds of opportunities that are out there.”
Originally published: 03/31/2013, Star Tribune