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Avery Dennison signs a definitive agreement to acquire Silver Crystal Group

Press Release

MENTOR, Ohio, October 11th, 2023 – Avery Dennison (NYSE:AVY) has signed a definitive agreement to acquire Silver Crystal Group, an established player in sports apparel customization and application across in-venue, direct-to-business, and e-commerce platforms. It is headquartered in Toronto, Ontario, Canada, and has a distribution center in Buffalo, New York, United States with revenues of approximately $30 million. Silver Crystal Group is recognized for its in-venue Fanzones solution. This is deployed across over 400 outlets within major leagues and key retail stores in the US and Canada, as well as for creating product innovations for many notable brands and companies.

The acquisition will allow the combined businesses to build on their collective industry knowledge, expertise, quality, and service to drive further growth in Avery Dennison’s high-value external embellishments segment. Once the deal closes, the Silver Crystal Group will become part of the Solutions Group of Avery Dennison. This will expand its Embelex solutions portfolio, a full-service, end-to-end platform for on-product branding, graphics, and trims.

The combination of Avery Dennison and Silver Crystal Group’s solutions will add value to sports fans. Strong, complimentary product lines and proficiencies will enable further improvement to the level of service.

"We are excited to have reached a definitive agreement to acquire the Silver Crystal Group,” said Michael Barton, senior vice president and general manager, Apparel Solutions, Avery Dennison. “Together, I am confident we will create a force that will continue to develop the embellishment category and deliver for key customers and stakeholders every step of the way."

“We look forward to the enormous possibilities this collaboration brings to the future of the industry. This is a proud moment for the team at the Silver Crystal Group and the highlight of my business career,” said Adam Crystal, CEO. “This will provide enhanced value to our esteemed customers and the industries we are dedicated to serving.”

This transaction is expected to close in the last quarter of 2023. Avery Dennison and Silver Crystal Group remain two separate companies until the transaction closes.

About Avery Dennison

Avery Dennison Corporation (NYSE: AVY) is a global materials science and digital identification solutions company that provides a wide range of branding and information solutions that optimize labor and supply chain efficiency, reduce waste, advance sustainability, circularity and transparency, and better connect brands and consumers. Our products and solutions include labeling and functional materials, radio frequency identification (RFID) inlays and tags, software applications that connect the physical and digital, and a variety of products and solutions that enhance branded packaging and carry or display information that improves the customer experience. Serving an array of industries worldwide — including home and personal care, apparel, general retail, e-commerce, logistics, food and grocery, pharmaceuticals and automotive — we employ approximately 35,000 employees in more than 50 countries. Our reported sales in 2023 were $8.4 billion. Learn more at www.averydennison.com.

About Silver Crystal Group

The Silver Crystal Group is the global leader in sports apparel customization & retail experience technology connecting consumers with authentic products & engaging customization experiences. The company has been customizing jerseys and apparel for professional sports organizations for over 25 years. Their clients include the majority of teams from MLB, NBA, NHL, NFL, CFL, MLS, Minor Leagues such as MiLB, AHL, and CHL, multiple NCAA schools, and major retailers throughout North America.

The company manufactures professional sports lettering & numbering and brings them to market using a mix of digital retail ordering systems including; QR codes, interactive touchscreens, mobile app & web ordering, as well as micro-factories called Fanzones. Its technology includes team roster, royalty management, and inventory tools that allow teams and leagues of all sizes to maintain an investment in blank jerseys without the risk of having to commit to specific players in an industry where change is constant. Popular players change teams and jerseys change styles, colors, and fonts. SCG Eliminates the risk of inventory obsolescence while delivering a seamless customer experience for sports teams and their fans.

The Silver Crystal Group is headquartered in Toronto, Ontario, Canada, and has a distribution center in Buffalo, New York, United States. It has revenues of approximately $30 million USD in 2023 and 225 employees.