PPB February 2019

A Recipe For Growth Rob Spector, president of supplier Spector & Co., shares forward-moving plans for the company’s continued development. by Danielle Renda R ob Spector, president of Saint-Laurent, Quebec-based, Spector & Co., anticipates this year will be one of exceptional growth for the supplier. Having led the company for the past 27 years—Spector and his father, Allen, purchased the business, which was formerly Bankers of Canada (not to be confused with Bankers Pen, Inc.) in 1991. The duo grew Spector & Co. from just five employees operating a 8,000-square- foot space to a force of more than 400, running a 100,000-square-foot facility that includes warehouse, office and factory workspaces. “Remember those factories that had the old wooden floors? That was our factory,” Spector says, when recalling the company’s early days. With a tagline that reads, “Your brand’s best friend,” Spector & Co. offers an extensive list of products, from tech and desk accessories, to writing instruments and home goods. Now, it is gearing up for continued growth, Spector explains, which is facilitated by a hyper- dedicated team and forward-focused decision-making strategies. When describing the rate of change in the promotional products industry, PPAI President and CEO Paul Bellantone refers to the concept of “gradually, gradually, gradually, suddenly,” to explain how change tends to start slow, but becomes apparent all at once. This model reflects Spector & Co.’s plans for 2019. Far from the days spent walking the wooden factory floors, Spector recently made a move that he describes as “the largest change” he’s experienced in his business to date, both personally and professionally, and for his team. To prep the company for continued growth, Spector sold 75 percent of the business to Blue Point Capital, a private equity firmwith three domestic locations and an overseas office in Shanghai. “My decision to partner with Blue Point Capital has been a year-long choice,” says Spector. “We embarked on a ‘sales process’ and hired an investment banker to seek out ‘like-minded’ private equity firms that can bring in a different skill set to ensure growth that is profitable and seamless. And the proof is in the pudding—we had our best year in 2018, both in terms of sales increase and profitability.” The company has experienced double-digit growth since 2010; a trend Spector hopes to continue indefinitely. The continued development—of which the partnership with Blue Point Capital plays a crucial role—is the result of the company's dedicated management team, many of whom have been with the company for 10 to 20 years, and others who are just entering the industry. The combination of seasoned 56 | FEBRUARY 2019 | THINK Rob Spec t o r