Classic Graphics acquires Belk Printing
Tuesday, January 11, 2011
Press release from the issuing company
Charlotte, NC - Two of the most respected names in the printing and graphic communications industry are joining forces. It was announced today that Classic Graphics, Inc. has acquired Belk Printing Technologies, Inc. for an undisclosed sum, creating the largest privately owned commercial printing company in the Carolinas.
In the context of an industry where many smaller companies are falling by the wayside, and where mid-sized competitors are consolidating to remain viable, David Pitts, co-owner of Classic Graphics, says this is a logical move. "Classic Graphics has enjoyed tremendous organic growth over our 27-year history. Combining operations with a prominent and successful company like Belk Printing will help us sustain, and hopefully extend, our growth ambitions."
While Pitts did not reveal financial terms of the transaction, he stated that projections for 2011 indicate a 20 percent growth in sales as a result of the acquisition. Sales figures for 2010 topped out at nearly $40 million; he expects sales for 2011 to reach close to $50 million.
"The cultures and visions of our two companies are virtually identical," said Pitts. "We share a philosophy of providing highly responsive and flexible service to our customers." He continued, "Uniting the two companies can only create a stronger entity, allowing us to provide even more of the technology-related graphic communication services our customers expect. At the same time, our service ethic will continue to ensure the very highest quality of customized, personal attention."
Ralph Belk, Jr., president and co-owner of Belk Printing Technologies, echoes Pitts's enthusiasm for the acquisition. "When my father started Belk Printing in Charlotte in 1968," he said "he began a tradition of craftsmanship and dedication to customer satisfaction that we have constantly sought to uphold. Blending the strengths of our company with those of Classic Graphics, one of the premier names in our industry, makes perfect sense for us and our customers."
Belk, who will assume the role of managing partner in the combined company, anticipates retaining existing Belk customers, thanks in large part to the favorable reputation of Classic Graphics. "This is a great move for our customers," he said. "They will have access to a wider and more sophisticated offering of services, including the integration of data, brand assets, print and logistics. I have made a personal pledge to our customers that we will do everything in our power to make the transition seamless."
As previously announced, Classic Graphics will move during first quarter 2011 to its new 180,000-square-foot facility in Innovation Park, part of the former IBM complex near Harris Boulevard and Interstate 85. Integration of the Belk operation into Classic Graphics will take place shortly after completion of the move.
Pitts sees the acquisition as a win-win situation for all involved. "Classic Graphics will benefit from the addition of experienced, highly talented professionals to an already-outstanding team," he said. "Belk employees will join an established, employee-owned company. And most important, customers of both companies will be served by one of the strongest privately held printing and graphic communications suppliers in the Southeast."
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