ISG Purchasing Association (TPA), Independent Suppliers Group (ISG) and Pinnacle Affiliates LLC (PA) announced today that the boards of directors of all three organizations have approved a Definitive Merger Agreement outlining the terms of a historic merger of the three organizations.
FOR IMMEDIATE RELEASE
Wednesday, May 29, 2019
Contact:
Ian Wist: ianw@wist.com
Bruce Eaton: bceaton@eatonofficesupply.com
Tonya Horn: tonya@rogards.com
ISG Purchasing Association (TPA), Independent Suppliers Group (ISG) and Pinnacle Affiliates LLC (PA) announced today that the boards of directors of all three organizations have approved a Definitive Merger Agreement outlining the terms of a historic merger of the three organizations.
Key points of the agreement are the name and location of the new organization, the leadership of the new organization, and the inaugural Board of Directors.
Independent Suppliers Group (ISG) will be the surviving organization and will be the name of the new organization, the location will be the current offices of TPA in Chicago, IL. Michael Maggio, President of TPA, will be the Chief Executive Officer and Michael Gentile, President and CEO of ISG, will be the President, Charles Forman, COO of ISG, will be Executive Vice President of Sales and Marketing, Tom Hoffmann, Vice President of Purchasing of TPA will be Vice President of Purchasing, Jeff Matthews, Chief Financial Officer of ISG, will be CFO and Gene Rigitano, Vice President of Finance of TPA will be Vice President of Finance.
Newco’s Board of Directors will have thirteen members initially, five from TPA and four each from ISG and PA. The Board Members are: Ian Wist, George Wood, Thomas Jordan, Gary Ables, Yancey Jones, Sr., David 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. PA shareholders have already had their vote, unanimously agreeing to the merger. ISG and TPA are holding Shareholder Meetings to explain the process and benefits to the membership with votes scheduled for June.
Meanwhile the staffs of TPA and ISG have begun working on integration of the three organizations. Contingent upon ISG and TPA Shareholder approval, the merger is expected to close on July 1, 2019. Full integration of all three groups is expected to proceed through the 3rd quarter and completed no later than Oct 1st, 2019.
Questions should be directed to the Board Chairs of the three organizations listed above.
