Canadian supplier Spector & Co. (asi/88660) is being acquired by Blue Point Capital Partners, the private equity firm announced on Wednesday. Financial terms of the deal were not disclosed. As per the arrangement, Spector & Co. CEO Rob Spector will continue in his role and retain 25% ownership in the company.

“Over the past 27 and a half years, our company has been transformed from five employees (four of whom are still with us) into 400 employees,” Spector told Counselor. “If I look at the industry, there has been a lot of consolidation in the past few years and I believe that will continue. In six or seven or eight years down the line, there may be a dozen or so mega suppliers, and I want to make sure we’re in that equation.”

Founded in 1950 and headquartered in Montreal, Spector supplies writing instruments, journals and other business gifts. “Spector & Co. is built on a longstanding tradition of excellence and a culture committed to serving its customers," said Jeff Robich, a principal with Blue Point, in a press release. “Rob Spector and his team have created an industry leader in the promotional products category, and we look forward to a partnership that will support the company’s growth strategy.”

Chip Chaikin, a partner with Blue Point, said the acquisition is a great fit because there are several attractive opportunities that align with his company’s toolkit. “What really attracted us to Spector is the strong culture of the company, and their close ties to their customers and suppliers,” Chaikin said. “The company has strong systems and management in place and is primed for tremendous growth. We are thrilled to partner with this esteemed team.”

In a letter to clients, Spector referenced his first partner being his father, Allen, who was a guiding force in the early days of crafting the company’s merchandising strategy. “I, along with my management team, am truly psyched to be working with Blue Point Capital to bring Spector & Co. to even newer and brighter heights. If it’s even possible, I am more energized and reinvigorated as I look forward to the future and the next generation of our company and our industry,” Spector wrote.

With offices in Cleveland, Charlotte, Seattle and Shanghai, Blue Point has a 19-year track record of partnering with companies in the lower middle market. The firm typically invests in businesses that generate between $20 million and $300 million in revenue.