A deal that sees Top 40 supplier BIC Graphic North America (asi/40480) sold to H.I.G Capital has been finalized, BIC confirmed this week to Counselor.

On June 6, BIC Group, parent company of BIC Graphic, reached an agreement to sell its North American division, as well as its Asian sourcing operations, to the private equity firm for a reported $80 million. The acquisition closed on June 30.

“We will continue our ongoing commitment to safety and compliance and are well-positioned to broaden and deepen our customer relationships with additional investments in service, product development, and R&D with regards to improved manufacturing capabilities and printing,” Melissa Ralston, director of marketing at BIC Graphic North America, told Counselor. “We are excited about partnering with H.I.G. for the next stage of our growth.”

Per the agreement, BIC Graphic’s management team will continue to run the business going forward. “H.I.G. is the ideal partner for us given the firm’s deep industry experience and historical success investing in our sector,” said Emmanuel Bruno, general manager of BIC Graphic.

Miami-based H.I.G. Capital is an investment firm with $21 billion of equity capital under management. The firm formerly owned distributor HALO (asi/356000), acquiring the Top 40 company in 2003 through a bankruptcy sale. H.I.G. sold HALO to another private equity firm in 2007 for $62.5 million. H.I.G. also owned U.K.-based Brand Addition before selling the firm this year.

With reported 2016 North American promotional products revenue of $316.9 million, BIC Graphic ranked fifth on Counselor’s 2017 list of the 40 largest suppliers in the industry.