ACCO Brands announced on October 2, 2026 that it had closed its purchase of Trust, a Netherlands-based maker of PC and gaming accessories, in a deal its SEC filing values at about $57 million and that ACCO funded with borrowings under its revolving credit facility. The original version of this story said only that a "Trust Acquisition" had closed. Trust is a brand, not a financial trust: the legal entity is GXT Holding B.V. and its subsidiaries, bought from the European investment firm Egeria. The deal adds about $100 million of annual revenue to the office-supplies company behind Swingline, Five Star and Kensington, and $ACCO has gained 6.6% since the day before the closing announcement.
What Trust is
According to ACCO's August 14, 2026 announcement, Trust was founded in 1983, is headquartered in the Netherlands and sells keyboards, mice, headsets, speakers, webcams, chargers and gaming peripherals through retailers, e-commerce platforms and B2B channels in Europe and Latin America. It runs an asset-light model with outsourced manufacturing. For ACCO, it sits next to Kensington, PowerA and EPOS in the technology peripherals business, which ACCO says will reach about $500 million in annual sales on a pro forma basis.
CEO Tom Tedford said the deal "continues the shift of our product and brand portfolio toward higher-growth technology peripherals." He added: "We expect to deliver cost synergies as we integrate Trust into our European platform."
The terms
| Item | Detail | Source |
|---|---|---|
| Announced | Aug 14, 2026 (definitive agreement) | Release |
| Closed | Announced Oct 2, 2026 | Closing 8-K |
| Seller | Egeria, pan-European investment company | Release |
| Value | About $57 million | Aug 14 8-K |
| Financing | Revolving credit facility borrowings, "limited impact to pro forma leverage" | Release |
| Trust revenue | About $100 million a year | Release |
| Cost synergies | About $5 million to $8 million within 18 months of closing | Release |
| Earnings effect | Expected to be "modestly accretive to adjusted EPS in the first 12 months" | Release |
| Conditions | Customary conditions, including competition authority approvals | Release |
The deal value comes from the Item 7.01 text of the August 14 8-K, not the press release, which gave no price. ACCO guided to a close in "late third quarter or early fourth quarter," and the October 2 closing release lands on the early edge of the fourth quarter. The closing release added no new financial figures.
The math
Inputs: $ACCO closes from FMP, 92,307,568 shares outstanding as of July 24, 2026 from the cover of the Q2 10-Q, and FMP's quarterly revenue for the last four reported quarters (Q3 2025 through Q2 2026: $383.7M, $428.8M, $343.7M, $415.1M).
| Measure | Value | Arithmetic |
|---|---|---|
| Price paid per dollar of Trust revenue | 0.57x | $57M ÷ $100M |
| Synergies as share of price | 8.8% to 14.0% | $5M–$8M ÷ $57M |
| Trust revenue vs ACCO trailing revenue | 6.4% | $100M ÷ $1,571.3M |
| ACCO equity value, Oct 16, 2026 | About $417.2M | $4.52 × 92,307,568 |
| Deal value vs ACCO equity value | 13.7% | $57M ÷ $417.2M |
| Dividend yield at $4.52 | 6.6% | $0.075 × 4 ÷ $4.52 |
Price reaction, all FMP closes:
| Window | Close to close | Change |
|---|---|---|
| Announcement: Aug 13 to Aug 14, 2026 | $4.32 to $4.34 | +$0.02 (+0.46%) |
| Closing news: Oct 1 to Oct 2, 2026 | $4.24 to $4.30 | +$0.06 (+1.42%) |
| Since closing news: Oct 1 to Oct 16, 2026 | $4.24 to $4.52 | +$0.28 (+6.60%) |
| Since announcement: Aug 13 to Oct 16, 2026 | $4.32 to $4.52 | +$0.20 (+4.63%) |
| May 1 to Oct 16, 2026 | $3.95 to $4.52 | +$0.57 (+14.43%) |
The market barely moved on either headline, which fits a deal that is about 14% of ACCO's equity value and a small slice of its revenue. The bigger driver is the core business.
ACCO's latest quarter
ACCO's Q2 2026 release (July 30, 2026) is the most recent report. Net sales rose 5.1% to $415.1 million from $394.8 million, with 5.7 points from the EPOS acquisition and 1.7 points from currency; comparable sales fell 2.3%. Diluted EPS was $0.15 against $0.31 a year earlier, and adjusted EPS was $0.29 against $0.28. ACCO said comparable sales were hit by "softness in the International segment and technology peripherals globally." That is the category Trust adds to.
Management raised full-year 2026 guidance to sales growth of 2.0% to 5.0% and adjusted EPS of $0.87 to $0.91, and kept free cash flow at $75 million to $85 million. The consolidated leverage ratio was 4.3x at June 30, 2026, against a full-year target of 3.7x to 3.9x. For Q3 2026, ACCO guided to reported sales between down 1.0% and up 2.0%, and adjusted EPS of $0.17 to $0.21. On FMP's Q3 2025 revenue of $383.7 million, that range works out to about $379.9 million to $391.4 million (383.7 × 0.99 and × 1.02). The quarterly dividend is $0.075.
What to watch
- Q3 2026 report: sales against the $379.9 million to $391.4 million guided range, and whether the outlook changes now that Trust is in.
- Leverage: a revolver-funded deal against a 4.3x ratio at June 30 and a 3.7x to 3.9x year-end target.
- Peripherals demand: comparable sales in technology peripherals were soft in Q2; Trust adds exposure to the same consumer cycle heading into a holiday season that will test the US consumer.
- Synergies: the $5 million to $8 million target runs 18 months from the October 2026 closing.
For other consumer-brand bolt-ons, see Prestige Consumer Healthcare's Lacorium deal and Inseego's completed Nokia FWA acquisition. More deal coverage is on the Traders On Trend homepage.
Bull/Bear Verdict
Bull Case: ACCO paid about 0.57x revenue for an established European brand, targets $5 million to $8 million of cost synergies on a $57 million price, and expects the deal to be modestly accretive to adjusted EPS in year one. The stock is up 6.6% since October 1 and yields 6.6% at $4.52.
Bear Case: The deal is debt-funded at a 4.3x leverage ratio, adds to a peripherals category where comparable sales were soft globally in Q2, and ACCO disclosed no Trust profit figure. Synergies and accretion are company targets, not results.
FAQ
What is the Trust acquisition?
ACCO Brands bought Trust (GXT Holding B.V. and subsidiaries), a Netherlands-based seller of computer and gaming accessories, from Egeria. It is not a financial trust.
How much did ACCO pay for Trust?
ACCO's August 14, 2026 8-K says the transaction is valued at approximately $57 million. It was financed with borrowings under ACCO's revolving credit facility.
When did the deal close?
ACCO announced on October 2, 2026 that it had completed the acquisition. It had been announced on August 14, 2026 with an expected close in late Q3 or early Q4.
What does ACCO expect Trust to add?
About $100 million in annual revenue, cost synergies of about $5 million to $8 million within 18 months, and a modestly accretive effect on adjusted EPS in the first 12 months.
Updated October 19, 2026: expanded with deal terms from ACCO's August 14 and October 2, 2026 8-Ks and releases, Q2 2026 results and guidance, and price data through the October 16, 2026 close. The headline now identifies Trust as a PC and gaming accessories maker.