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Ennis Will Acquire Assets of Integrated Print & Graphics of South Elgin, Ill.

Monday, March 18, 2019

Press release from the issuing company

Midlothian – Ennis, Inc. (the “Company"), today announced that one of its wholly owned subsidiaries has entered into a Letter of Intent to acquire the assets of Integrated Print & Graphics (“IPG”) in South Elgin, Illinois, a suburb of Chicago. IPG has been in the Chicago marketplace since the 1970’s and does about $20 million in sales annually. The Ennis subsidiary, operating under the IPG brand and name, will lease the current facility from the current owner for several years with options to renew. The current owner, Gary Mozina, will not continue as an employee of IPG. The employees will continue their employment with the newly acquired IPG and produce the same products with the same quality and attention to customer service as before. Ennis believes that the acquisition will be accretive to earnings in the current year. Ennis expects to sign and close the Asset Purchase Agreement effective the close of business March 16th, 2019.

Keith Walters, Chairman, Chief Executive Officer and President of Ennis, Inc., commented by stating, “We are very pleased to add IPG to the Ennis family. IPG provides some additional capabilities to our product line and its focus on high color commercial print to the direct mail channel is consistent with our desire to expand this product line throughout the Ennis business model. These products are sold through our normal sales channel of independent distributors, so this business complements our current business model. We think this will enhance our current product mix and allow us to pursue more expansive product lines in the integrated product market”.

 

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