Good news for the independent Dealer Channel. The boards of the three leading US office products dealer groups have approved their merger and confirmed key details of the new entity.
The directors of Independent Suppliers Group (ISG), Pinnacle Affiliates and TriMega Purchasing Association have approved a definitive merger agreement that outlines the terms of the historic combination of the three organizations. They have also revealed the name, location, leadership, and board of directors of the new ‘super’ group.
As communicated in April, when the three groups signed a memorandum of agreement, ISG will be the surviving organization and it has been confirmed that the entity will bear the ISG name. The ‘new’ ISG will be headquartered at the current TriMega offices in Rosemont (IL), on the outskirts of Chicago.
In terms of the leadership team, TriMega President Mike Maggio has been named as CEO, and current ISG CEO Mike Gentile will be President. Charles Foreman, COO at ISG, will take on the role of EVP of Sales and Marketing, Tom Hoffmann, VP of Purchasing at TriMega, will also be VP of Purchasing at the new group, and Gene Rigitano, VP of Finance at TriMega, will be VP of Finance.
The board of directors of ISG will initially comprise 13 members, five from TriMega and four each from Pinnacle and the current ISG entity. The board members are: Ian Wist, George Wood, Thomas Jordan, Gary Ables, Yancey Jones Sr, Dave Guernsey, Bruce Eaton, Kevin Johnson, John Leighton, Tonya Horn, Jordan Kudler, Brian Kerr and Tim Triplett.
The next step in the process is for the shareholders of the respective organizations to approve the merger agreement. Pinnacle shareholders have already had their vote, unanimously agreeing to the merger. ISG and TriMega are holding shareholder meetings to explain the process and benefits to the membership, with votes scheduled for June. Meanwhile, the staffs of TriMega and ISG have begun working on integration of the three organizations.
Contingent upon ISG and TriMega shareholder approval, the merger is expected to close on 1 July 2019. Full integration of all three groups is expected to proceed through the third quarter and completed no later than 1 October 2019.