S.P. Richards Co. (SPR) has entered into a definitive purchase agreement to be acquired by Central National Gottesman Inc. (CNG).

Per the terms of the acquisition, SPR will continue to operate as a separate entity. Bill Meany has been appointed president of SPR, serving in that position in addition to his role as CNG senior vice president. Yancey Jones, SPR executive chairman, and Mike Maggio, SPR CEO and president, will remain with the organization in leadership advisory positions. Jones will serve as president of the SPR advisory board while Maggio has been named an advisory board member and senior advisor to Meany. Financial details of the transaction, which is expected to close January 31, have not been disclosed.

“The acquisition by CNG allows SPR to continue our strategic growth plans through investments and an enhanced inventory position,” said Jones. “Mike and I have always believed that an independent wholesaler is critical to the success of our customers and supplier partners. CNG understands the importance of SPR remaining a traditional wholesaler.”

About S.P. Richards
S.P. Richards Co. is a Smyrna, Georgia-based wholesaler of business products and cleaning supplies. For more information, visit www.sprichards.com.