Signs By Tomorrow, Allegra Network Members Reach Investment Agreement
COLUMBIA, MD—Jan. 30, 2012—Certain members of Allegra Network, a leading franchise network of nearly 500 marketing, print and sign companies, have reached an agreement to invest in an entity that will purchase the assets of Signs By Tomorrow, a 162-unit network of firms providing indoor and outdoor signage, exhibit displays, vehicle wraps and other large-scale graphics. The transaction is expected to close the end of February.
Signs By Tomorrow Chairman Joe McGuinness, President Ray Palmer and Vice President of Operations Andrew Akers will be investors in the new company alongside members of Allegra Network. During the course of the next three years, Joe McGuinness will sell his interest.
Non-management stockholders George and Judith Coolidge and Gina McGuinness have elected to redeem their stock and will not have an interest in the new company.
The management team of Signs By Tomorrow will remain intact and all operational support for franchise members will continue from its headquarters in Columbia. Certain administrative functions will be moved to Allegra Network offices in Plymouth, MI.
Allegra’s existing network of 180+ sign and large-scale graphics companies operate under the Signs Now brand. Signs By Tomorrow includes 162 franchisees operating in 36 states with system-wide sales approaching $70 million.
According to Michael Marcantonio, Allegra Network President and CEO, “Our investment in Signs By Tomorrow will provide Joe McGuinness a well-deserved exit strategy over the next three years and represents a sound investment in a business with which we are very familiar. While Signs By Tomorrow and Signs Now will remain separate companies, we expect that over time both of our organizations and all franchise members will benefit from this alliance.”
McGuinness added, “This is a watershed moment for our company in terms of securing a strong succession strategy and added value for our franchise members. As the founder of this organization, I took great care in handpicking a successor in Ray Palmer and financial partners in the members of Allegra Network that would take care of our franchise members with the same care that we have. I plan to remain invested and active for the next three years to ensure a smooth transition.
“Allegra Network brings financial strength, leadership, and resources to help our organization continue to grow and keep pace with the rapid changes occurring in the graphic communications world. We are extremely pleased to call this group of investors our partners for the future. We share a deep commitment to providing our franchise members with the instrumental tools to enhance and grow their businesses.”
About Allegra Network
Allegra Network LLC is one of world’s largest marketing, print and graphic communications franchises linking nearly 500 locations across North America. The company ranks in the top 200 among all franchise companies in the world and is considered a leader in franchise training, technology implementation and system profitability. Allegra Network was founded in 1976 and today supports three primary brands under its Marketing & Print Division – Allegra, American Speedy Printing and Insty-Prints, and the Signs Now brand under its Sign Division.
About Signs By Tomorrow
Since it was founded in 1986, Signs By Tomorrow has been providing its customers with high-quality, cost-effective signs. Its superior products, fast and friendly service and affordable prices have allowed the company to grow to a national network. Conveniently located in retail locations, Signs By Tomorrow makes its business easy to access before, during and after the workday. Its standardized operation guarantees consistency in every market and its proven process has helped it to create a turnkey approach to stocking the necessary supplies to meet most business needs in a timely manner. Known as the industry leader in technology, Signs By Tomorrow carries a commitment to innovation that ensures that each store is equipped with the industry’s state-of-the-art sign making technology.
Source: Signs By Tomorrow.