Richmond-based swag seller Brandito makes first private equity-backed acquisition

RICHMOND, Va. -- Another Richmond-based company is putting its newly acquired private equity backing to use.

The latest is Brandito, which sells branded promotional merchandise and earlier this month closed its first deal using the war chest it took on last August from Chicago-based private equity investor Monroe Street Partners.

Brandito purchased PromoSpark, a similar branded merchandise company based in Fairfield, Ohio. Financial terms of the deal were not disclosed.

Brandito founder Michael Lovern, who continues to run the company after selling his majority stake to Monroe Street in exchange for the capital, said the PromoSpark is the first of what’s expected to be more of such deals in the future.