LAKE ZURICH, Ill., August 14 — ACCO Brands Corporation (NYSE: ACCO), a global leader in branded office and learning products and technology accessories, today announced it has entered into a definitive agreement to acquire Trust, a European provider of computer and gaming accessories, from Egeria, a pan-European investment firm.
Founded in 1983 and headquartered in the Netherlands, Trust is a well-recognized consumer electronics brand with more than 40 years of presence in PC accessories, gaming, smart home and mobile accessories. The company offers a comprehensive product portfolio spanning keyboards, mice, headsets, speakers, webcams, chargers, and gaming peripherals, sold through a broad network of leading retailers, e-commerce platforms, and B2B channels. Trust operates an asset-light model with outsourced manufacturing and scalable sourcing and serves customers in Europe and Latin America.
“Building on the strategic pivot to an enhanced focus on faster-growing categories and the recent acquisition of EPOS, Trust adds a well-established brand and an impressive peripherals lineup that complements Kensington, PowerA and EPOS, deepening our presence in some of the largest and fastest-growing categories in technology peripherals,” said Tom Tedford, ACCO Brands President and CEO. “This acquisition continues the shift of our product and brand portfolio toward higher-growth technology peripherals, which will now approach $500 million in annual sales on a pro forma basis. We expect to deliver cost synergies as we integrate Trust into our European platform.”
“Joining ACCO Brands is an exciting next chapter for Trust,” said Jeroen Hoogland, CEO of Trust. “ACCO Brands’ global scale, supply chain, and channel relationships will help us accelerate innovation and reach even more consumers and business customers across Europe and beyond.”
Trust generates approximately $100 million in annual revenue and is expected to be modestly accretive to adjusted EPS in the first 12 months. ACCO Brands expects to realize cost synergies of approximately $5 to $8 million, within 18 months after closing.
The transaction will be financed through borrowings under ACCO Brands’ revolving credit facility, with limited impact to pro forma leverage. The transaction is expected to close in late third quarter or early fourth quarter, subject to customary closing conditions, including applicable competition authority approvals.