Courier Acquires Highcrest Media
Monday, January 18, 2010
Press release from the issuing company
NORTH CHELMSFORD, Mass. -- Courier Corporation, one of America's leading book manufacturers and specialty publishers, today announced that it has acquired Highcrest Media LLC, a provider of software and solutions that streamline the production of customized textbooks for use in colleges, universities and businesses. Founded in 2006 and based in Wilmington, Massachusetts, Highcrest has grown quickly through its combination of easy-to-use Web-based technology and strong focus on the highest-growth segment of the textbook market.
Courier's acquisition of Highcrest complements its recent investment in digital printing technology, which is also ideally suited to the capacity and efficiency needs of this growing market. Together, the two initiatives significantly strengthen Courier's capabilities in digital book manufacturing. Highcrest's largest customer is also a Courier customer.
"College professors around the country are flocking to this new technology," said Courier Chairman and Chief Executive Officer James F. Conway III. "Using Highcrest's software, they can create a textbook that contains only the information they want to teach from--eliminating waste and reducing costs. By bringing Highcrest Media to Courier, we are placing ourselves at the forefront of this trend as a strategic resource for a key customer base. Highcrest's expertise fits perfectly into our vision and portfolio."
Highcrest President Michael Shea has been spearheading advances in on-demand and Web-based technology for over a decade. "Our software has won wide acceptance by making it easy for users to control the whole process of generating customized content," said Shea. "By joining forces with Courier, we will extend our production capabilities by an order of magnitude. At the same time, we add a significant capability to Courier's already industry-leading credentials in the textbook market."
The acquisition is expected to be modestly accretive to Courier earnings for its 2010 fiscal year. Acquisition terms were not disclosed.
Peter Schaefer of New Direction Partners represented Highcrest in this transaction.