Counselor Top 40 distributor iPROMOTEu (asi/232119) has announced that it obtained new financing that the company says will provide it with growth capital allowing it to accelerate investment in initiatives that will benefit its affiliate network. The additional capital will be used to enhance systems and technology, strengthen recruiting efforts, streamline internal operations and, if appropriate, fund acquisitions. The new financing is coming from Align Capital Partners (“ACP”), the private equity firm announced on Tuesday.

“It has been very rewarding to see the strength of our affiliate and preferred vendor relationships grow in both quantity and quality since I started the business in 2000,” said Ross Silverstein, founder of iPROMOTEu, in a press release. “As I look toward iPROMOTEu’s future alongside ACP, I’m confident those relationships will become even stronger with the continued investment in our people and technology.”

According to the company’s press release, nothing will change from an operational standpoint as a result of the financing. Silverstein remains the company’s largest individual stockholder and will continue in his role as President and Chief Executive Officer. All management personnel and staff will remain in their current positions, unaffected by the financing. In addition, in connection with the financing, the company’s senior management team now has a broader and more significant ownership interest in iPROMOTEu.

“Over the past decade, the Company has experienced consistently strong organic growth which speaks to Ross’s leadership and vision to build a highly diversified business with a unique value proposition,” said Chris Jones, managing partner at ACP. “The ability for IPU’s sizable network of distributor affiliates to remain independent business owners has driven strong new affiliate adoption within the fragmented promotional products industry. We’re excited to fuel that momentum alongside Ross with ACP’s capital and resources.”

With reported North American promotional products revenue of $174.5 million, iPROMOTEu ranked 12th on Counselor’s most recent list of the largest distributors in the industry.  

For more on this and other promo news stories, head to www.asicentral.com/news and watch for Counselor’s twice-weekly newsletter, PromoGram, publishing Tuesdays and Thursdays.