Banyan Enterprises Acquires Specialty Auto Accessories Direct Retailer AJ Prindle

First Step in Banyan's Niche Growth Strategy

BUFFALO, N.Y., Aug. 21 -- Banyan Enterprises, a newly formed private investment company specializing in the direct-to-consumer industry, today announced it has acquired a majority interest in AJ Prindle & Co., a catalog and online retailer of distinctive automotive accessories and major provider of incentive purchase programs to auto manufacturers and their dealer groups.

Based in Buffalo, New York, Banyan Enterprises was founded by veteran business partners Scott Maybee and Mark Chandley, both with long and successful track records in the direct sales industry. Banyan will provide financing and industry expertise to grow the company's brand.

Mark Chandley, co-founder of Banyan Enterprises said, "We are very excited about our first acquisition. AJ Prindle was a perfect match for Banyan and fits in our strategy of identifying best-in-class niche brands poised for growth. The company's unique lifestyle products immediately won our attention. It's not surprising that it is a recognized brand with significant potential in both the consumer and corporate sector."

Over the coming months, Banyan is planning to complete several acquisitions of small to mid-sized direct sales businesses. Banyan's primary targets are small, growth-ready companies with solid management and revenue streams despite cash and resource limitations.

Eoin Comerford, President and COO of AJ Prindle, said, "Few people know the catalog and direct sales business better than Scott and Mark and I am confident that their expertise will enable smooth integration and growth for our company. AJ Prindle is serving the needs of a new market space that is both large and underserved by automotive manufacturers and retailers. We look forward to working with Banyan to grow the business and achieve new levels of success."

With over $160 billion in annual revenues in the catalog industry alone, the direct-to-consumer industry is booming, creating a significant appetite among investors for small to mid-sized players like AJ Prindle. As online sales are replacing catalog sales, creating greater efficiency and decreasing operating costs, more and more niche players are enjoying exponential growth with minimal investment.

AJ Prindle was founded by Ford Motor Company in 2000 as a catalog and internet retailer. Through its online store and catalogues, AJ Prindle offers products that meet consumers' needs in and around their vehicles, including auto accessories, navigation tools, sporting goods and mobile electronics, catering to a variety of driver lifestyles.

Leveraging its merchandising and fulfillment expertise, AJ Prindle also provides incentive and premium purchase programs to automotive manufacturers such as Ford Motor Company, DaimlerChrysler, Suzuki, and Lincoln-Mercury, and their dealer groups.

Headquartered in Farmington Hills, Michigan, AJ Prindle is an established brand that consumers recognize. It has a strong presence in Sky Mall, Amazon and has received media attention from leading trade and business publications such as The Wall Street Journal.

For more information please visit http://www.banyanent.com/.