Announcing Purpose Group’s first acquisition
Hello friends and supporters,
The team at Purpose Group (myself, Jonathan Morgan, and David Cummings) are excited to announce the first acquisition for our fund: Gerald Printing & Liberty Imaging.
We founded Purpose Group on October 1st, 2022, with the express goal of buying, holding, and growing purpose-driven companies. Our criteria in the businesses we look for is simple:
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Enduringly profitable
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Minimum $2M EBITDA
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Over ten years in business
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Industry Agnostic (though we prefer business-to-business companies)
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Within a 6-8 hour drive from Atlanta
After looking at hundreds of companies, we were blown away when we first found Gerald Printing. Gerald is a print, apparel, and signs company based in Bowling Green, Kentucky. They have six offices with 90 employees, and they hit every requirement we look for in a business. (One of their six offices has a different name — Liberty Imaging — but it is all the same company.)
The major difference between Gerald and the other companies we looked at, however, was how important their values are to their business. Joe Davis (founder and former CEO) was clear from the moment we met him (initially on Zoom, then many times in person) that his #1 goal in finding a company to acquire his business was an alignment on values and culture. Needless to say, this was music to our ears.
We signed a Letter of Intent to acquire Gerald on February 28th and signed the Purchase Agreement to officially make Gerald the first business in our portfolio on May 15th. The experience of working with the Gerald team through the 75-day due diligence process only continued to reaffirm that this was the right move for our fund.
John Mazeita, formerly the President of Gerald Printing, has moved into the CEO position. We will work closely with John going forward to ensure the team, customers, partners, and local communities continue to have their expectations exceeded.
For more information on the acquisition:
And, of course, if your business could use Gerald’s services, please let me know!
Thanks as always for your support and friendship.
And as always, I hope you’re happy.
