Printing Industry Commentary & Analysis

Viewed from the perspective of M&A activity in the printing, packaging and related graphic communication industries, the pandemic is fading quickly into the rearview mirror, and most printing and packaging businesses are doing well. However, there are some ripples on the water. Deal counts are down, bankruptcies and non-bankruptcy closures have ticked up in the past six months, and the impact of higher interest rates is rolling in. Packaging is still the most active segment but has cooled down considerably. The commercial print, direct mail, and wide format segments are not as active, but desirable candidates still attract a number of suitors and deals are getting done; and more…

The Target Report: 116 Laps Around Fenway Park, Barefoot—July 2023 M&A Activity

Published August 8, 2023

Maine Newspapers Acquired by Nonprofit Trust, and more…

The Target Report: Stick to Your Knitting—June 2023 M&A Activity

Published July 10, 2023

Lakeside Acquires Marquis, and more…

The Target Report: The Party is Over at Vice Media, and Why it Matters—May 2023 M&A Activity

Published June 9, 2023

Vice Media Files Bankruptcy, and more …

The Target Report: Sudden Drop-Off—April 2023 M&A Activity

Published May 8, 2023

All Quiet on the M&A Front (well, not entirely)…

The Target Report: Blueprint for Convergence—March 2023 M&A Activity

Published April 10, 2023

Crisp Imaging Adds to West Coast Network; and more…

The Target Report: Duking it Out in the Label Business—February 2023 M&A Activity

Published March 8, 2023

Resource Label, Brook + Whittle and Inovar Acquire; and more…

The Target Report: The Box is Back—January 2023 M&A Activity

Published February 8, 2023

Italy-Based Pusterla Acquires Two US Box Makers, Supremex Executes Box Strategy; and more…

The Target Report: Private Equity Feeds Industry Growth—December 2022 M&A Activity

Published January 9, 2023

Fortis Completes Banner Year, Commercial Printing is Back; and more…

The Target Report: Specialty Products Take Center Stage—November 2022 M&A Activity

Published December 7, 2022

SupremeX Acquires Royal Envelope, Sealed Air Buys Liquibox; and more…

The Target Report: Direct Mail Providers Stretch Out—October 2022 M&A Activity

Published November 8, 2022

Moore Acquires CCA, Postal Standards Drive M&A Strategy; and more…

The Target Report: Private Equity Pieces Together Print & Packaging—September 2022 M&A Activity

Published October 10, 2022

Max Solutions Acquires Ellis, Ironmark Lands Millennium; and more…

The Target Report Annual Review—August 2022 TTM M&A Activity

Published September 12, 2022

Viewed from the perspective of M&A activity in the printing, packaging and related graphic communication industries, we are in a post-pandemic sweet spot, business is going strong, and we are not yet significantly feeling the effect of inflation and rising interest rates. Packaging is still the red-hot segment, fueled by PE-backed roll-ups chasing fewer available top-notch producers. The commercial print, direct mail, and wide format segments are not as active, but desirable candidates attract a lot of attention and deals are getting done; and more…

The Target Report: Cenveo Returns to its Roots—July 2022 M&A Activity

Published August 8, 2022

Burton Family Cements Control, Envelopes are in Demand, and more…

The Target Report: Commercial Print Awakes from M&A Slumber—June 2022 M&A Activity

Published July 11, 2022

Post Capital Acquires Ironmark, Graphic Village adds another, and more…

The Target Report: Paper Industry in Transition—May 2022 M&A Activity

Published June 8, 2022

Kruger Buys Domtar Mill, Paper Industry in Flux; and more…

The Target Report: When Does Customer Concentration Become an Advantage?—April 2022 M&A Activity

Published May 9, 2022

Pokémon Captures Millennium, Nahan acquires Intellus Mail Division, and more…

The Target Report: Label Roll-Ups are Red Hot; Are Folding Cartons Next?—March 2022 M&A Activity

Published April 6, 2022

Lewisburg Printing Acquires, H.I.G. Rebrands Flexible Packaging Platform as DazPak, and more…

The Target Report: Printing Papers Get Squeezed Out—February 2022 M&A Activity

Published March 7, 2022

McKinley Paper Buys Midwest Paper, Sealed Air Acquires Foxpak Flexibles, and more…

The Target Report: CCL Industries Breaks the Rules—January 2022 M&A Activity

Published February 8, 2022

Canadian Giant CCL Acquires Small, Label Segment Still Red Hot; and more…

The Target Report: GPA Global Emerges as Packaging Consolidator—December 2021 M&A Activity

Published January 10, 2022

Southern California Graphics Sells to GPA, CJK Acquires Again; and more…

The Target Report: Slugfest Breaks Out Over RR Donnelley—November 2021 M&A Activity

Published December 8, 2021

Chatham Asset Management Victorious in Fight Over RRD, CJK Acquires; and more…

The Target Report: The End of the Dotcom Era—October 2021 M&A Activity

Published November 9, 2021

HH Global Acquires Noosh, Allan Creel Jumps Back In, PE Still Loves Labels, and more…

The Target Report: Private Equity Fuel$ Consolidation of Label Industry—September 2021 M&A Activity

Published October 8, 2021

Resource Label Group Acquires Ample Label, Kennedy Group Purchases Color Label Business, Postal Center International Buys Arrowmail, and more…

The Target Report Annual Review—August 2021 TTM M&A Activity

Published September 9, 2021

M&A activity returns to pre-pandemic levels, label companies are red hot targets for PE-backed roll-ups; new national consolidator in commercial print, direct mail is steady, wide format matures; and more…

The Target Report: Packaging Industry Consolidation in Every Direction—July 2021 M&A Activity

Published August 9, 2021

Fort Dearborn & Multi-Color Join Forces, Mt. Royal Expands, and more…

The Target Report: Apollo Trades Textbooks for Wallpaper & Pillows—June 2021 M&A Activity

Published July 12, 2021

Shutterfly acquires Spoonflower, Cathedral expands, and more…

The Target Report: On Demand Everything—May 2021 M&A Activity

Published June 7, 2021

Printful Snags Unicorn Investment, Commercial Printing M&A Picks Up, and more…

SPACs and Credit Cards for the 1%—April 2021 M&A Activity

Published May 7, 2021

CompoSecure Merges with SPAC, Oliver Acquires Boutwell, and more…

Letterpress, Greeting Cards & Feminism—March 2021 M&A Activity

Published April 8, 2021

Paper Source files for bankruptcy, packaging segment is white hot, and more…

So Many Books, So Little Time* —February 2021 M&A Activity

Published March 8, 2021

Lake Book Joins Grafica Veneta, Outside Media Integrates, JN White Acquires ECI Screenprint, and more…

As Goes the Industry, so Goes the Trade Associations—January 2021 M&A Activity

Published February 8, 2021

Printing United Alliance Sets the Standard, H.I.G. Bags Action, BluEdge Expands, and more…

Bags, Pouches, Trays & Bowls—December 2020 M&A Activity

Published January 8, 2021

ProAmpac Brown Bagging It, Alcom Spreads Out, Ebony & The Voice Rise From the Dead, and more…

Dystopia, Social Justice, and Steamy Romance—November 2020 M&A Activity

Published December 8, 2020

Bertelsmann buys Simon & Schuster and Quad’s Book Plant, I.D. Images acquires Pointil Systems, Graphic Village adds a tuck-in, and more…

Target Report Interview—Conversation with Jim Barker, Former Owner of Richardson Communications Group

Published December 3, 2020

Rod Bristol talks with Jim Barker, the former owner of Richardson Communications Group, who merged his company with Kingston Printing. Jim talks about selling his business right in the middle of the worst part of the COVID-19 crisis.

Deconsolidation of the Consolidators—October 2020 M&A Activity

Published November 9, 2020

LSC Jettisons Creel Las Vegas Before Final Sale to Atlas, Brook & Whittle Acquires, Traxium Files Bankruptcy, and more…

CJK Goes Global as Cenveo Unwinds—September 2020 M&A Activity

Published October 8, 2020

Cenveo sells off content services, Meyers expands label business, and more…

Target Report Interview—The Target Report Annual Recap 2020

Published October 1, 2020

Mark Hahn of Graphic Arts Advisors looks back at M&A activity in 2020 by segment and identifies some long-term trends, which segments have experienced more or less deal activity, the rationale behind acquisition activity, and the impact that the COVID crisis had on this year’s M&A activity.

The Target Report Annual Recap—August 2020 TTM M&A Activity

Published September 9, 2020

M&A activity in commercial printing dips, tuck-ins still predominate; packaging deals are driven by PE, labels lead the pack; wide format transactions pick up; and more…

Target Report Interview—Buyers are On The Move and On Track

Published August 26, 2020

Rod Bristol talks with Mark Hahn of Graphic Arts Advisors about how M&A activity is not as high as it was pre-COVID, but there is still a steady drumbeat of activity and buyers are not veering off the strategic path they had been on.

Buyers are On The Move and On Track—July 2020 M&A Activity

Published August 11, 2020

CJK Acquires Quad Book Plant, Mittera Executes on Strategy (Again), and more…

The Target Report Interview—Donuts Lead the Way in Return to Normalcy

Published July 23, 2020

Rod Bristol talks with Mark Hahn of Graphic Arts Advisors about how buyers are back in the market: after a lull, new transactions are underway. Packaging acquisitions, specifically food packaging, have led the way.

Donuts Lead the Way in Return to Normalcy —June 2020 M&A Activity

Published July 9, 2020

Southern Champion Tray Acquires, Brook & Whittle Establishes Western Presence, and more…

The Target Report Interview—Regional Print Consolidator Builds Diverse Offerings

Published July 6, 2020

Rod Bristol talks with Mark Hahn of Graphic Arts Advisors about Graphic Village's acquisition of DMS Ink, a transaction that is representative of the “regional roll-up” trend that has been developing in the industry for the past couple of years.

Regional Print Consolidator Builds Diverse Offerings—May 2020 M&A Activity

Published June 8, 2020

Graphic Village acquires DMS ink, Brook & Whittle adds Croydon, and more…

The Target Report Interview—Alphabet Soup of Trade Association Mergers

Published May 26, 2020

Rod Bristol talks with Mark Hahn of Graphic Arts Advisors about consolidation among printing industry trade associations, culminating in the recent merger of PIA and SGIA, and with John E. Hyde of Graphic Arts Advisors about the impact of the COVID-19 crisis on the state of industry M&As.

Alphabet Soup of Trade Association Mergers—April 2020 M&A Activity

Published May 8, 2020

Trade Association Mergers Reach an Apex, Commercial Printing Tuck-Ins, and more…

The Target Report Interview—The Lull Before the Tempest

Published May 7, 2020

Mark Hahn of Graphic Arts Advisors is interviewed by Rod Bristol about current industry M&A trends in the wake of the COVID-19 shutdown.

The Lull Before the Tempest—March 2020 M&A Activity

Published April 6, 2020

Transactions continue apace up to mid-March, then abruptly stop. What’s next, and more…

Catching the Wave in Corrugated Cartons—February 2020 M&A Activity

Published March 9, 2020

Welch Packaging Group Stays Strategically Focused with PAX, Thomas Printworks Acquires Dynamic, GSP Adds Custom Color, and more…

The Smartest Investor Ever Exits Newspapers—January 2020 M&A Activity

Published February 7, 2020

Berkshire Hathaway Gives Up on Newspapers, Transcontinental Embarks on Retail Strategy, Graphic Village Acquires Brand Consultancy, and more…

The Penguin’s Native Tongue is Now German—December 2019 M&A Activity

Published January 7, 2020

Bertelsmann Buys Balance of Penguin Random House, Ripon is Sold, Blackstone Invests in HH Global, and more…

Commercial Printing: Consolidation or Regional Expansion? —November 2019 M&A Activity

Published December 9, 2019

Mittera acquires business assets of Fuse, Knepper purchases Dual Print & Mail, H.I.G. Capital invests in print (again), and more…

Market for Label Printing Catches Fire—October 2019 M&A Activity

Published November 8, 2019

ProMach, Fort Dearborn, Inovar, and PPC Packaging light up M&A activity, Transcontinental acquires, H.I.G. Capital goes outdoor in a big way, and more…

Behind the Scenes in Photobooks—September 2019 M&A Activity

Published October 9, 2019

RPI Enters Consumer Market, Transcontinental Transforms, Colortree Forced into Bankruptcy and more…

The Target Report Annual Recap—August 2019 M&A Activity

Published September 9, 2019

M&A activity in commercial printing continues unabated, mostly tuck-ins; packaging deals are driven by PE; newspaper and magazine publishing segment in turmoil; and more…

What’s in a Letter?—July 2019 M&A Activity

Published August 7, 2019

Monotype Imaging Goes Private, DG3 Acquires, Coloredge Merges, and more…

Print Publishing in Turmoil—June 2019 M&A Activity

Published July 8, 2019

Justice Department Blocks Quad, Condé Nast Sheds W, Colortree Closes and more…

Sports Illustrated Print Edition Heads to Hospice—May 2019 M&A Activity

Published June 10, 2019

Meredith sells off Sports Illustrated branding rights, Welch Packaging stays focused, and more…

The De-Evolution of Cenveo—April 2019 M&A Activity

Published May 8, 2019

Cenveo spins out more assets, Knepper acquires, MSP converges, and more…

CJK Group Opens Next Chapter with Loan-to-Own Strategy—March 2019 M&A Activity

Published April 8, 2019

Thomson-Shore under the Gavel, Salem One and Envision3 Acquire Mailing Services, and more…

Platinum Equity Likes Print—February 2019 M&A Activity

Published March 8, 2019

Multi-Color Corporation taken private, McCormick Armstrong joins list of defunct web offset printers, trade-only printers trade hands, and more…

BCC Solidifies Position in Mail Preparation Software—January 2019 M&A Activity

Published February 8, 2019

Satori Software acquired by BCC, Diversified Labeling Solutions sells out to Taiwan-based TSC, McClung acquires Commonwealth, Oliver buys DISC, and more…

Consolidation in Commercial Printing Rolls On—December 2018 M&A Activity

Published January 8, 2019

Mittera acquires Henry Wurst, H.I.G. Capital invests in print, GSB Digital expands in NYC, Alliance adds another franchise system, and more…

The Waning Fortunes of the Time Inc. Magazines—November 2018 M&A Activity

Published December 7, 2018

Meredith sells off iconic American magazine titles, Quad/Graphics acquires Periscope, PE continues love affair with labels, and more…

A Reversal of Fortune: Paper Mills Gain Leverage—October 2018 M&A Activity

Published November 8, 2018

New Dragon acquires and opens shuttered paper mill, CJK rolls on in the book segment, Quad takes on LSC Communications, and more…

Cimpress: Getting Bigger by Staying Small—September 2018 M&A Activity

Published October 8, 2018

BuildASign achieves high valuation in strategic sale to Cimpress, Snapfish acquires CafePress at bargain price, regional serial acquirers active in commercial printing segment, and more…

It’s Back to School Time—August 2018 M&A Activity

Published September 10, 2018

M&A activity in commercial printing, driven by pressure to consolidate, remains robust; packaging is still the hot topic, wide format falters (just a bit), and more…

If You Can’t Beat ’Em, Join ’Em – July 2018 M&A Activity

Published August 8, 2018

LSC Communications jettisons major European printing asset, acquires digital content logistics firm MAZ, label segment is very active, and more…

What Did Not Happen – June 2018 M&A Activity

Published July 9, 2018

Edwards Brothers Malloy shuts down as others consolidate book printing, transactional activity at five-year low, other major closures announced…

Corrugated Gets Glam—May 2018 M&A Activity

Published June 8, 2018

DS Smith builds out US platform in corrugated, Traxium acquires two, LSC buys and sells, Deluxe automates soft skill, and more.

Getting Flexible in Your Middle Years – April 2018 M&A Activity

Published May 8, 2018

Transcontinental TC closes transformative transactions, ProAmpac buys, commercial printers actively acquire; Herbie finally retires, and more.

Press Onward!—March 2018 M&A Activity

Published April 9, 2018

German and American rivals agree to merge, Contiweb spun off, Sun and Siegwerk acquire specialty inks, Autajon strengthens US presence, and more.

Turning a Big Ship – Quad/Graphics Acquires Ivie - February 2018 M&A Activity

Published March 9, 2018

Quad/Graphics transforms with acquisition of Ivie, Graphic Village buys competitor Multi-Craft, Taylor builds on display platform, Platinum Equity acquires WS Packaging; and more.

Impact XM Adds Gamification to Exhibits & Events - January 2018 M&A Activity

Published February 8, 2018

AGI Partners builds marketing services platform; Windsor files, Xerox turns Japanese (with a nod to the Vapors’ 1980 hit song); and more…

Non-Bankruptcy Debt Restructuring in the Printing Industry

Published February 1, 2018

What options are available for financially troubled print businesses? John Hyde, the leading expert in M&A involving financially troubled printing companies, talks with Graphic Arts Advisors about how there are more choices than ever, including Non-Bankruptcy Debt Restructuring.

Will the Real Crane Please Stand Up? – December 2017 M&A Activity

Published January 9, 2018

Crane Currency acquired; IWCO teams up with ModusLink Global Solutions; OSG active in transactional segment; Fort Dearborn acquires NCL; and more…

Flexible Packaging is Hot – November 2017 M&A Activity

Published December 11, 2017

TC Transcontinental executes long term strategy in flexible packaging, Graphic Packaging acquires again; Kingery Printing acquires United Graphics; and more…

Transactional Print – Fertile Ground for Consolidation – October 2017 M&A Activity

Published November 9, 2017

OSG Billing Services, now owned by PE firm Aquiline Capital, adds first bolt-on with acquisition of Microdynamics, label printer Brook & Whittle acquired in secondary buyout, Vomela buys another commercial printer; and more…

Print Supply Chain Consolidation – September 2017 M&A Activity

Published October 9, 2017

Barry-Wehmiller consolidates ancillary print equipment sector in a robust deal environment for all things print; makers of equipment, manufacturers of materials and distributors of supplies are in demand; a look-back at the past year; and more

Williams Lea Tag is on the Move – August 2017 M&A Activity

Published September 11, 2017

Williams Lea Tag is carved out from DHL; Mittera buys Earthcolor; Stevens Group grows with CL Graphics acquisition; Oliver begins platform build-out; and more…

Transformation and Rebirth – July 2017 M&A Activity

Published August 9, 2017

July 2017 – Mergers, Acquisitions & Restructuring in the Printing, Packaging & Related Industries. LSC Communications rebuilds diversified publication services; Quark transforms; DG3 acquires UK printer Leycol; Multi-Color goes all-in with deal for Constantia Labels; and more…

Family-Owned Newspapers Roll It Up – June 2017 M&A Activity

Published July 11, 2017

Hearst, Gatehouse, Lee, Ogden, Phillips and Adams stir up the local newspaper business; Sandy Alexander acquires Designers’ Press; tuck-ins abound and more in the June 2017 – Mergers, Acquisitions & Restructuring in the Printing, Packaging & Related Industries.

Small Printers are Big Business – May 2017 M&A Activity

Published June 12, 2017

Global franchise system owner of Mail Boxes Etc. acquires US-based printing franchise system PostNet, Standard buys Epic, ICV Partners moves upstream with LeadingResponse, and more.

Legacy Printing Companies Fade Into History – April 2017 M&A Activity

Published May 9, 2017

Sheridan Group is sold, Intelligencer joins with Pemcor, Kennedy Group and Resilience Capital form Lux and buy National Label, ProAmpac and Resource Label acquire, summary of equipment manufacturing deals, and more.

View into the Future of Printing Process Control - March 2017 M&A Activity

Published April 10, 2017

Danaher adds Advanced Vision Technology to Pantone and X-Rite platform, Ripon acquires Maquoketa, Vomela goes commercial, private equity backs outsourcing packaging to China, and more

Transformation of a Legacy Print Business – February 2017 M&A Activity

Published March 8, 2017

Deluxe goes mobile as strategic plan unfolds, VC fund invests in photo book printer (and brilliant marketer of print services) Chatbooks, the market for retail display and point-of-purchase printers heats up as Orora continues acquisition spree, and more…

WestRock Affirms Commitment to Paper – January 2017 M&A Activity

Published February 13, 2017

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They’re Back… (Buyers of Commercial Printers) – December 2016 M&A Activity

Published January 10, 2017

Australian packaging company Orora stakes out US position in retail display, acquiring The Register Group, ICV Partners buys out SG360° ESOP, Cimpress acquires National Pen, Moore DM buys PS/PS Digital and more.

“Just One Word: Plastics” – November 2016 M&A Activity

Published December 7, 2016

Multi Packaging Solutions in holiday mood, buys gift card printer, OneTouchPoint has the right touch for acquisitions, Novolex bags another one, Fort Dearborn on a roll and more.

Moving Pieces Around on the PE Chessboard – October 2016 M&A Activity

Published November 9, 2016

Billionaire Pritzker brothers capture ProAmpac, buy Vitex next day, Capital Partners win Outlook Group in secondary buyout, IBS Direct merges with Maestro Media Print Solutions and more.

Managed Print Services Take Center Stage – September 2016 M&A Activity

Published October 11, 2016

HP commits to paper-based future, private equity invests in managed print services, ink manufacturers consolidate, Hibbert acquires RedShark, Deluxe promotes promotional products, and more.

Private Equity LOVES Labels – August 2016 M&A Activity

Published September 13, 2016

Massive global private equity funds move aggressively into the label and related printing segments, marketing services provider Firespring acquires Jacob North and does good, Supremex rolls up US envelope production, the newspaper chess game goes on and more.

Articles by Mark R. Hahn