Chicago-based XA Inc. (www.expagency.com), an event marketing firm serving Fortune 500 companies, reported yesterday that it has signed a letter of intent to acquire Musters & Co., a New York-based event design and production firm. The acquisition is expected to close next month. Terms were not disclosed.
Musters & Co., headed by Mark Musters, provides event design and decor for major corporate events. Originally a designer in the theater, Musters opened his event company in 1998. Its client list includes New York fashion and media companies.
"Mark Musters’ irrepressible creative spirit makes his firm a perfect match with XA,” XA chairman and CEO Frank Goldstin said. “Like XA, he is dedicated to creating for his clients overwhelming environments, what he calls a 'sensory experience.'"
XA chief operating officer Joseph Wagner said, "With the Musters & Co. acquisition, XA expects to add more than $2.5 million in revenue in the next year. In addition to acquiring a successful floral and event decor business, XA will, most importantly, gain the capability of producing in New York the one-of-a-kind event decor and design elements that we have had to outsource in the past. As a result, each event will be more profitable."
According to estimates from Special Events Magazine, XA generates roughly $10 million in revenue from special event production annually.
XA also announced that Musters, who will join XA as creative director, has agreed to orchestrate XA's Design Center in New York. The center will become the design fabrication facility for XA as well as a showcase of XA's design and fabrication capabilities to clients.
XA has full-service offices in Chicago, New York and Los Angeles. Special Events Magazine lists XA on its “50 Top Event Planning Companies” list.