France-based Maesa has already made several acquisitions over the past few years in its quest to reach a turnover figure of €100m by 2010.
With sales revenue of $45m in 2008, Zorbit will take Maesa several steps closer to achieving this goal.
In a statement, Maesa confirmed that the company would part with between $45m and $50m to have Zorbit on board. So far, it has paid $12.5m and will pay the remaining balance over the next five years.
Building the US operations
Taking New York-based Zorbit into its fold will make the US operations of France-based Maesa worth $70m. To support the business in North America, a special management group has been created for the region.
As part of the acquisition deal, three of the founders of Zorbit, which began trading in 2003, will also join the steering committee of the group.
Commenting on the financial performance of the company, Maesa said it was on course to attain sales of €100m by 2010, as already planned, and that growth is solid on both sides of the Atlantic.
Financial results and strategy
In November, Maesa reported a 34.2 per cent increase in consolidated annual revenues to €33.356m, a figure that was slightly below the previous forecast in July.
The integration of Latitudes into the business provided a significant boost to US sales but the loss of a Chinese client put a drag on European figures.
For the years to come, the company said it would focus on creative private label brands and the externalization of resources, most notably in packaging.