(RTTNews.com) – SPAR Group Inc. (SGRP) , a supplier of retail merchandising and other marketing services throughout the United States and internationally, announced that the company, through its subsidiary in South Africa (SGRP Meridian), has completed the signing of a joint venture agreement to expand its operations in South Africa.
The company noted that SGRP Meridian will control a 51% ownership interest in the new company; CMR Meridian (Pty) Ltd.
Partnering with SGRP Meridian in this new subsidiary is Combined Manufacturers National (Pty) Ltd, a leading merchandising and marketing services company providing services in the “Inland Territory” of South Africa.
In addition, their respective client bases will now enjoy the opportunity to secure a continuous merchandising and marketing program on a national basis in South Africa. Based on this transaction alone, SPAR’s annualized revenue in this critical territory is projected to increase by approximately $7 million.