IRVING, Texas, Feb. 02, 2016 (GLOBE NEWSWIRE) -- The Michaels Companies, Inc. (NASDAQ:MIK) today announced that it has acquired Lamrite West, Inc. and certain of its affiliates and subsidiaries (“Lamrite West”), an international wholesale and retail supplier of arts and crafts, for $150.0 million. The Company anticipates that the impact of the acquisition, excluding purchase accounting adjustments and integration expenses, will be neutral to diluted earnings per share in fiscal 2016 and accretive to diluted earnings per share in fiscal 2017. The Company will provide more detail with the fourth quarter and fiscal 2015 earnings release.
“The acquisition of Lamrite West represents a unique opportunity to add a business to the Michaels portfolio that will strategically enhance our private brand development capabilities, accelerate our direct sourcing initiatives, and strengthen our business-to-business capabilities,” said Chuck Rubin, Chairman and Chief Executive Officer. “As CEO of Lamrite West, Mike Catanzarite has built a strong leadership team and cultivated a pervasive culture of customer service. Together, we will serve our combined customer base better to help us achieve our long-term growth goals.”
"I have long admired the Michaels team, and with the full weight of Michaels resources, I know that our employees and customers will realize tangible benefits from this combination," said Michael Catanzarite, Chief Executive Officer of Lamrite West.
Lamrite West will maintain its team and facilities in Strongsville, Ohio and will continue to operate as a distinct business within Michaels. Michael Catanzarite, whose father founded the company in 1954, will continue to lead the team as CEO of Lamrite West and will serve on Michaels executive committee.
Fiscal 2015 Earnings Results:
The Company plans to report its fourth quarter and fiscal 2015 results before the market opens on Thursday, March 17, 2016.
Any forward-looking statement made by the Company in this news release speaks only as of the date on which the Company makes it. Factors or events that could cause the Company's actual results to differ may emerge from time to time, including those identified under the heading “Risk Factors” included in the Company’s Form 10-K which was filed with the Securities and Exchange Commission ("SEC") on March 19, 2015, which is available at www.sec.gov, and other filings that the Company may make with the SEC in the future. The Company does not undertake and specifically disclaims any obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
About The Michaels Companies, Inc.:
The Michaels Companies, Inc. is North America's largest specialty retailer of arts and crafts. As of October 31, 2015, the Company owned and operated 1,196 Michaels stores in 49 states and Canada and 118 Aaron Brothers stores, and produces 12 exclusive private brands including Recollections®, Studio Decor®, Bead Landing®, Creatology®, Ashland®, Celebrate It®, Art Minds®, Artist's Loft®, Craft Smart®, Loops & Threads®, Imagin8® and Make MarketTM.
Kiley F. Rawlins, CFA
Michael Fox/Kristina Jorge
Source:Michaels Stores Inc.