SPAR Group, Inc. (SGRP) Announces Start-Up of New Subsidiary for Operation in Mexico

Sep. 06, 2011 5:28 PM ETSGRP
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SPAR Group, Inc., a provider of merchandising and other marketing services to manufacturers, distributors, and retailers worldwide, has announced the start-up of a new subsidiary in order to expand its operations in Mexico.
The new company, SPAR TODOPROMO, SAPI, de CV., in which SPAR will have a 51 percent ownership interest, is expected to generate $13 million in profitable revenue over the next twelve month period. The remaining 49 percent ownership interest is to be held by Grupo TODOPROMO, a merchandising company that has been operating in the Mexican market since the year 2001. SPAR TODOPROMO will be specializing in the areas of demonstrative services and in-store merchandising. The Company will maintain its operations from four expertly placed locations that service the entire Mexican market.
“SPAR TODOPROMO marks the third new subsidiary for SPAR Group within the previous three months, providing approximately $20 million in annualized revenue to the Company’s top-line,” stated Gary Raymond, Chief Executive Officer of SPAR Group. “This new subsidiary in Mexico will increase our strong performing international revenue base by over 30%. The new Company will provide marquee clients such as Grupo Herdez, Revlon, Epson, McCormick, Levi Strauss, Olympus and 20th Century Fox, and improve the credibility of our already strong client base of Fortune 500 companies. In addition to providing immediate profitability and increased earnings, SPAR TODOPROMO will also provide us access to the rapidly emerging Spanish speaking consumer market while significantly increasing our North American footprint. Management is pleased with our continued geographic expansion and will continue to seek additional accretive markets in which to enter.”
“Grupo TODOPROMO is extremely pleased to partner with a well respected industry leader such as SPAR Group,” said Juan Medina, Chief Executive Officer of Grupo TODOPROMO. “Our longstanding experience and key relationships within the Mexican marketplace, coupled with SPAR Group’s proven systems and marketing solutions, will provide a strong value add to our expanding client base. We intend to leverage the projected cost saving synergies and SPAR’s wide array of merchandising solutions to continue to gain market share going forward.”
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