Investcorp Bank , the Bahrain-based alternative-investment firm managing $10.5 billion, said it acquired Chicago-based retailer Paper Source Inc.
Investcorp bought the stationery and greeting-card company for an undisclosed amount from Los Angeles-based buyout firm Brentwood Associates Inc., it said today in an e-mailed statement. Paper Source, which operates 73 stores across 23 states, designs and produces fine and artisanal papers.
Investcorp said in July it planned to double its dividend after full-year profit climbed 56 percent to $104.9 million. The firm, which invests in private equity, funds of hedge funds and real estate, completed eight deals in the fiscal year ending in June. They included a controlling stake in oil and gas services provider Hydrasun Ltd.
Investcorp has “a track record of growing strong retail brands,” Sally Pofcher, Paper Source’s chief executive officer, said in the statement. The deal gives Paper Source capital to expand in the U.S. and pursue direct marketing, she said.
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