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Norwest Equity Partners Completes Recapitalization of Production Services Associates

Friday, December 01, 2006

Press release from the issuing company

Minneapolis, Minnesota – Norwest Equity Partners (NEP), a private equity firm focused on investments in growing and profitable middle market companies, recently announced that it has made a significant investment in Production Services Associates, Inc. (PSA), a leader in production services for the direct mail and plastic card industries. NEP invested along with existing management shareholders in the transaction which was structured as a recapitalization; financial terms were undisclosed. The transaction closed on October 27, 2006. Founded in 1992, PSA is proud of its reputation as a customer-driven organization, as evidenced by its blue chip customer base and excellent customer retention. The Company focuses on designing and managing fast-paced, high volume direct mail and plastic card production programs. With corporate headquarters in Deerfield, Illinois, PSA provides a comprehensive suite of production services including direct mail, plastic card production and personalization, specialty printing, promotional CD-ROMs, fulfillment, creative services and dimensional mail. PSA was first introduced to NEP through Bruce Lohn, a NEP Operating Partner with more than 35 years of senior management experience at businesses involved with direct mailing, consumer fulfillment and parcel consolidation. Lohn will serve on the PSA board of directors as the non-executive Chairman as well as work with senior management to identify and execute several growth strategies, including the addition of new customers and end-markets, and vertical integration of certain production operations. Richard Biller, PSA Chief Executive Officer and founding shareholder, said, “On behalf of our entire management team, we truly value our new partnership with NEP. The firm’s resources will be invaluable in executing our strategic growth initiatives, which include new market opportunities and complementary acquisitions.” Gerald Biller, Vice President of Sales and Marketing, added, “The ability to leverage Bruce Lohn’s extensive industry experience and knowledge will facilitate further innovation of our product and service offerings, driving high impact results for our customers and cementing our position as a market leader.” Timothy Kuehl, NEP Principal and PSA board member, stated, “We are looking forward to our partnership with Richard and Gerald and the Company’s seasoned management team. PSA has developed a unique business model that maximizes both production flexibility and the ability to meet the direct mail needs of its industry-leading customers. We are very excited about the Company’s tremendous growth potential within the $57 billion direct mail industry.”

 

 

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