Start-up investors Banyan Enterprises acquires retailer AJ Prindle
Banyan Enterprises, a new private investment company specializing in direct-to-consumer companies, has acquired a majority interest in AJ Prindle & Co., a catalog and online retailer of automotive accessories and a provider of incentive purchase programs to auto manufacturers and their dealer groups.
“AJ Prindle was a perfect match for Banyan and fits in our strategy of identifying best-in-class niche brands poised for growth,” says Mark Chandley, co-founder of Banyan Enterprises. “The company’s unique lifestyle products immediately won our attention.”
AJ Prindle was founded by Ford Motor Co. in 2000 as a catalog and Internet retailer selling auto accessories, navigation tools, sporting goods and mobile electronics. AJ Prindle also provides incentive and premium purchase programs to automotive manufacturers including Ford, DaimlerChrysler, Suzuki, and Lincoln-Mercury, and their dealer groups.
Based in Buffalo, NY, Banyan Enterprises was founded by Chandley and Scott Maybee. The company is targeting small to mid-sized direct sales businesses with solid management and revenue streams despite cash and resource limitations.
Eoin Comerford, President and COO of AJ Prindle, said, “Few people know the catalog and direct sales business better than Scott and Mark and I am confident that their expertise will enable smooth integration and growth for our company. AJ Prindle is serving the needs of a new market space that is both large and underserved by automotive manufacturers and retailers. We look forward to working with Banyan to grow the business and achieve new levels of success.”
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