Workflow Management Completes Purchase of The Relizon Company
Press release from the issuing company
GREENWICH, Conn.--Nov. 30, 2005-- Workflow Management, Inc., parent company of WorkflowOne, United Envelope and Freedom Graphics today announced the completion of the purchase of The Relizon Company. This acquisition creates one of North America's largest end-to-end supply chain and logistics powerhouses serving the communications, fulfillment, logistics and process improvement needs of large, medium and small companies. The new document outsourcing enterprise offers clients both superior in-house manufacturing capabilities and access to a fully certified, quality-assured trade partner network. The expanded portfolio of value added solutions are complemented by a full suite of proven services delivered through market-leading technology, proven return-on-investment tools and industry leading customer service.
The resulting company is a market leader in North America, with more than $1.2 billion in annual revenue, 5,000 employees and 32,000 clients. The company enjoys strong positions in several key, growing vertical markets, including the financial services, healthcare, retail and government / non-profit sectors. In many instances, the company brings proprietary products and services to bear on these markets' specific regulatory and process-driven needs.
"Together, the companies can extend and grow their relationships with customers of all sizes," said Greg Mosher, Chairman and CEO of the combined companies. "Our customers can now enjoy a single source for all their print, promotional product and fulfillment needs. They can expect us to continue to invest in services that drive efficiencies in their supply chains."
Rodney Hedeen, Relizon's former President and CEO will lead the transition team, whose focus is on identifying company wide best practices and implementing them across the organization. Relizon expects a smooth transition to the new ownership and will continue to focus on providing customers with value added solutions and industry leading customer service. The existing management teams of the combined companies will remain intact for an extended period of time with the operating leaders reporting directly to Greg Mosher, Chairman and CEO.
WorkflowOne is known as a leading provider of printing and promotional products with strengths in creative and marketing consulting services. Relizon is a world-class provider of document solutions that positively impact customers' business processes. Together, the companies share strengths and resources including:
-- Commercial print
-- Fulfillment services
-- Promotional products
-- Performance management
-- Sourcing and procurement
-- Assessment and analytics
-- Document management
-- Billing solutions
-- Logistics and distribution
-- Certified trade partners
-- Marketing and creative services
-- Technology integration
"Workflow Management's acquisition of Relizon is a compelling twist on the tried and proven consolidation play in the printing industry," said Steve Adoniou, consultant at InfoTrends/CAP Ventures. "Because the two companies' capabilities are more complementary than overlapping, the result is a stronger, broader organization with substantial growth potential. The combination of these two companies could significantly change the competitive landscape of the document outsourcing market."
Relizon has been a portfolio company of The Carlyle Group, a private equity firm, since August 2000. CIBC WORLD MARKETS CORP and Banc of America Securities advised Relizon in the transaction. Latham & Watkins LLP provided legal counsel to Relizon.
Workflow Management, Inc. is a portfolio company of affiliates of Perseus, LLC, a private equity fund management company with offices in Washington, DC and New York City, and The Renaissance Group, LLC. Workflow Management, Inc. was advised in the transaction by Credit Suisse First Boston and debt financing in conjunction with the acquisition was underwritten by Credit Suisse, National City Bank and Royal Bank of Canada. Hogan & Hartson LLP provided legal counsel to Workflow Management, Inc. Mayer, Brown, Rowe & Maw LLP provided legal counsel to Credit Suisse.
Workflow Management, Inc. recently announced a re-branding of their portfolio companies to WorkflowOne, consolidating a number of Workflow Management, Inc.'s holdings under one brand.
The terms of the agreement were not disclosed.
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