The merger and acquisitions activity in the promotional products industry isn’t just occurring in the North American market.

Stockholm, Sweden-headquartered New Wave Group, a firm whose subsidiaries include Top 40 supplier Cutter & Buck (asi/47965) and Massachusetts-based supplier Ahead (asi/33220) among others, has acquired BTC Activewear Limited, a supplier of promo, corporate and team apparel in Birmingham, U.K.

New Wave Group said the purchase of shares was £33 million (about $38 million) on a cash and debt-free basis and a cash transaction.

“Through this acquisition, we establish New Wave Group as one of the main players in the U.K. market, which, of course, feels great,” said Torsten Jansson, CEO and founder of New Wave Group. “In addition, we will add a very attractive and well-run company to our company group, as well as invaluable industry knowledge that will benefit all New Wave Group companies.”

Stephen Pope, co-founder of BTC Activewear, will remain CEO of the U.K. firm, which had revenue of £53.0 million (about $61 million).

“BTC Activewear will be able to grow and take further steps together with New Wave Group, where the mix between our understanding of and position in the U.K. market and New Wave Group’s experience and brands will be an unmatched combination,” said Pope.

Executives said the introduction of New Wave Group’s owned brands to BTC Activewear’s portfolio is expected to increase the subsidiary’s gross and operating margins in the future.

Following a lull during the earlier days of the COVID-19 pandemic, merger and acquisition activity has picked up again in the promo products industry. The deals have occurred on both the supplier and distributor sides.

Recent deals include a subsidiary of Taylor Corporation, which is the parent firm of Top 40 distributor Taylor Promotional Products (asi/333647), Top 40 supplier ADG Promotional Products (asi/97270), and Amsterdam Printing (asi/121500), buying Greenville, NC-headquartered supplier Accu Copy (asi/30490).

At the start of September, Stran & Company (asi/337725), a Top 40 distributor, completed its acquisition of the assets and business of Tomball, TX-based distributorship Trend Brand Solutions (asi/346428). Financial terms of the deal were not immediately released.