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Exclusive: World Emblem raising money for strategic acquisition

Jun 10, 2024
Illustration of a knitted texture with a dollar sign pattern.

Illustration: Gabriella Turrisi/Axios

World Emblem, a family-owned producer of patches and emblems for uniforms, is in the process of raising money, CEO Randy Carr tells Axios exclusively.

Why it matters: The capital will help finance a strategic acquisition, he says.

Zoom in: World Emblem is conducting due diligence on a prospective target and hopes to have a deal in place by August, Carr says.

  • He declined to discuss the amount of money being raised or disclose further details on the acquisition target.
  • The Carr family maintains full ownership.

Catch up quick: World Emblem, referred to as the world's largest maker of emblems or patches, located most of its production in Mexico, Carr says.

  • Because most of its business is either on-demand or custom, it needed to near-shore manufacturing.

Yes, but: Carr says he is concerned about inflation in Mexico and the possibility of tariff hikes depending on the election outcome.

How it works: Alongside producing emblems and patches, World Emblem makes other product-identifying products such as tags and stickers.

Flashback: Randy and his brother Jamie founded World Emblem with their dad in 1993, with one machine and two employees in the Miami area. Their dad's business closed in 1988.

The big picture: The Ft. Lauderdale-based company is notching year-over-year growth as hiring in the U.S. remains strong.

By the numbers: As of last year, the company was manufacturing and shipping 250 million emblems per year and had 1 million square feet of manufacturing space and more than 1,000 employees.

  • Embroidered emblems — which are for the military, fashion, sports and workwear — make up about half of sales.
  • "World Emblem had its best month in the history of the business in May, including very strong uniform orders," he adds.

Caveat: "The election of Claudia Sheinbaum as president of Mexico has raised some economic concerns regarding the new administration — the peso showed signs of weakening against the US dollar and then stabilized," Carr notes.

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