The Target Report: On-Demand Print & Merch is BIG Business for Private Equity—November 2024 M&A Activity

Printful and Printify Merge, and more …

The Target Report: Paper Industry Transformation Moves Forward—October 2024 M&A Activity

International Paper Downsizes Again, CJK Rationalizes Kodi Again, and more…

Still Wondering About the Epson Fiery Acquisition?

As noted at the time by my colleague David Zwang, many were scratching their heads over Epson’s acquisition of Fiery. Last Friday, November 1, Epson provided more detail about its strategy and expectations related to this acquisition, which are summarized here.

The Target Report: Print Providers Seek Variety Via Acquisitions—September 2024 M&A Activity

Artisan Colour Acquires MarComm, CJK Rationalizes Kodi, and more…

Seiko Epson Acquires Fiery. Epson??

When the Fiery acquisition by Epson was announced, many were scratching their heads trying to understand the logic and synergies—although the acquisition does make sense when you look at the expansion and growth rate of inkjet.

The Target Report Annual Review—TTM August 2024 M&A Activity

Viewed from the perspective of M&A activity in the printing, packaging, and related graphic communication industries, the pandemic is finally firmly in the rearview mirror. Many printing and packaging businesses are doing well. However, there are some bumps in the road. Deal counts are down again, bankruptcies and non-bankruptcy closures have increased, and lenders have resumed pressuring poorly performing companies. Packaging is still the most active segment, but not close to the peak reached in 2022. The number of deals involving commercial print companies has increased for the second year in a row. Wide-format companies are showing up in greater numbers in our deal stats, while the number of direct mail companies selling or buying remains low.

The Target Report: Troubled Times for Graphic Machinery Innovators—July 2024 M&A Activity

Coloreel files Bankruptcy, and more …

The Target Report: Corrugated Consolidation—June 2024 M&A Activity

Green Bay Acquires SMC, SupplyOne Goes West, and more …

The Target Report: Book Manufacturing in Turmoil—May 2024 M&A Activity

Grafica Venata Acquires P.A. Hutchison, OPM Closes Plant and more …

The Target Report: Paper Manufacturers Shift Grades—April 2024 M&A Activity

International Paper Acquires DS Smith, and more …

The Target Report: Half a Loaf Is Better than None—March 2024 M&A Activity

RRD Acquires Valassis Legacy Business, and more…

The Target Report: Stationers in Turmoil—February 2024 M&A Activity

Fedrigoni Acquires Mohawk Papers & Shutters Crane, and more…

The Target Report: Paper-Based Journalism is Melting Away—January 2024 M&A Activity

Baltimore Sun Purchased, CherryRoad Media Acquires Page 1 Printers, and more…

How Your IT Infrastructure Affects the Value of Your Business

Contributor Jim Russell of New Direction Partners explains how a company’s technology infrastructure is an important consideration for a potential buyer.

The Target Report: Climb Another Peak?—December 2023 M&A Activity

Looking Back at the M&A Trends of 2023, and more…

The Target Report: The One-Two Punch Platform—November 2023 M&A Activity

Core Industrial Acquires Century Box, and more…

Müller Martini and Hunkeler: Two Families Join Forces

Consolidations are done for many reasons including, cost reduction, wider distribution, etc. However, this merger really does take two strong companies that are leaders in their respective fields and brings them together to feed off their synergies and prepare and build for those market and production shifts

The Target Report: On-Product Printing Promotes & Protects—October 2023 M&A Activity

Avery Dennison Acquires Silver Crystal, Printing on Pills, and more…

The Target Report: Is a Soft Landing in Sight?—September 2023 M&A Activity

Smurfit Kappa Acquires WestRock, Veritiv Goes Private, and more…

The Target Report Annual Review—August 2023 TTM M&A Activity

Viewed from the perspective of M&A activity in the printing, packaging and related graphic communication industries, the pandemic is fading quickly into the rearview mirror, and most printing and packaging businesses are doing well. However, there are some ripples on the water. Deal counts are down, bankruptcies and non-bankruptcy closures have ticked up in the past six months, and the impact of higher interest rates is rolling in. Packaging is still the most active segment but has cooled down considerably. The commercial print, direct mail, and wide format segments are not as active, but desirable candidates still attract a number of suitors and deals are getting done; and more…

Tales from the Database: Take Me to Your Leader!

Drawing on six years’ worth of Print Business Outlook surveys, our “Tales from the Database” series looks at historical data to see if we can spot any particular hardware, software or business trends. This issue, we turn our attention to leadership.

The Target Report: 116 Laps Around Fenway Park, Barefoot—July 2023 M&A Activity

Maine Newspapers Acquired by Nonprofit Trust, and more…

The Target Report: Stick to Your Knitting—June 2023 M&A Activity

Lakeside Acquires Marquis, and more…

The Target Report: The Party is Over at Vice Media, and Why it Matters—May 2023 M&A Activity

Vice Media Files Bankruptcy, and more …

The Target Report: Sudden Drop-Off—April 2023 M&A Activity

All Quiet on the M&A Front (well, not entirely)…

The Target Report: Blueprint for Convergence—March 2023 M&A Activity

Crisp Imaging Adds to West Coast Network; and more…

Kyocera Takes the Fast Track to Industrial Print with the Acquisition of NIXKA

Kyocera’s intention is clear: they are moving into the production print industry, and while they may be new to this market, NIXKA isn’t. They actually have 30 years of expertise in developing ink and material jetting solutions, with an impressive track record. This acquisition should help fast track them to their intention.

The Target Report: Duking it Out in the Label Business—February 2023 M&A Activity

Resource Label, Brook + Whittle and Inovar Acquire; and more…

The Target Report: The Box is Back—January 2023 M&A Activity

Italy-Based Pusterla Acquires Two US Box Makers, Supremex Executes Box Strategy; and more…

The Target Report: Private Equity Feeds Industry Growth—December 2022 M&A Activity

Fortis Completes Banner Year, Commercial Printing is Back; and more…

The Target Report: Specialty Products Take Center Stage—November 2022 M&A Activity

SupremeX Acquires Royal Envelope, Sealed Air Buys Liquibox; and more…

The Target Report: Direct Mail Providers Stretch Out—October 2022 M&A Activity

Moore Acquires CCA, Postal Standards Drive M&A Strategy; and more…

The Target Report: Private Equity Pieces Together Print & Packaging—September 2022 M&A Activity

Max Solutions Acquires Ellis, Ironmark Lands Millennium; and more…

The Target Report Annual Review—August 2022 TTM M&A Activity

Viewed from the perspective of M&A activity in the printing, packaging and related graphic communication industries, we are in a post-pandemic sweet spot, business is going strong, and we are not yet significantly feeling the effect of inflation and rising interest rates. Packaging is still the red-hot segment, fueled by PE-backed roll-ups chasing fewer available top-notch producers. The commercial print, direct mail, and wide format segments are not as active, but desirable candidates attract a lot of attention and deals are getting done; and more…

Spoonflower: One Year Later

Shutterfly acquired Spoonflower one year ago. Senior editor Cary Sherburne checks in with the company for a progress report.

The Target Report: Cenveo Returns to its Roots—July 2022 M&A Activity

Burton Family Cements Control, Envelopes are in Demand, and more…

The Target Report: Commercial Print Awakes from M&A Slumber—June 2022 M&A Activity

Post Capital Acquires Ironmark, Graphic Village adds another, and more…

The Target Report: Paper Industry in Transition—May 2022 M&A Activity

Kruger Buys Domtar Mill, Paper Industry in Flux; and more…

The Target Report: When Does Customer Concentration Become an Advantage?—April 2022 M&A Activity

Pokémon Captures Millennium, Nahan acquires Intellus Mail Division, and more…

Agfa Acquires Inca: Lots of Synergies, Opportunities, and Focus

Agfa is in the process of acquiring two very synergistic operating units from SCREEN. These acquisitions could provide Agfa with the necessary technologies and strength to reinvigorate this distinguished company and provide the platform for future growth in packaging and industrial print.

Canon Acquires edale to Bridge the Digital-Analog Divide

This week, Canon announced the acquisition of 100% of the shares of edale, a manufacturer and OEM of narrow web printing presses and finishing equipment, including flexo carton web presses, label and packaging flexo presses, and web finishing equipment. European section editor Ralf Schlözer looks at how the acquisition will help bolster Canon’s presence in the label and packaging market.

The Target Report: Label Roll-Ups are Red Hot; Are Folding Cartons Next?—March 2022 M&A Activity

Lewisburg Printing Acquires, H.I.G. Rebrands Flexible Packaging Platform as DazPak, and more…

The Target Report: Printing Papers Get Squeezed Out—February 2022 M&A Activity

McKinley Paper Buys Midwest Paper, Sealed Air Acquires Foxpak Flexibles, and more…

The Target Report: CCL Industries Breaks the Rules—January 2022 M&A Activity

Canadian Giant CCL Acquires Small, Label Segment Still Red Hot; and more…

The Target Report: GPA Global Emerges as Packaging Consolidator—December 2021 M&A Activity

Southern California Graphics Sells to GPA, CJK Acquires Again; and more…

The Target Report: Slugfest Breaks Out Over RR Donnelley—November 2021 M&A Activity

Chatham Asset Management Victorious in Fight Over RRD, CJK Acquires; and more…

The Target Report: The End of the Dotcom Era—October 2021 M&A Activity

HH Global Acquires Noosh, Allan Creel Jumps Back In, PE Still Loves Labels, and more…

The Target Report: Private Equity Fuel$ Consolidation of Label Industry—September 2021 M&A Activity

Resource Label Group Acquires Ample Label, Kennedy Group Purchases Color Label Business, Postal Center International Buys Arrowmail, and more…

The Target Report Annual Review—August 2021 TTM M&A Activity

M&A activity returns to pre-pandemic levels, label companies are red hot targets for PE-backed roll-ups; new national consolidator in commercial print, direct mail is steady, wide format matures; and more…

The Target Report: Packaging Industry Consolidation in Every Direction—July 2021 M&A Activity

Fort Dearborn & Multi-Color Join Forces, Mt. Royal Expands, and more…

The Target Report: Apollo Trades Textbooks for Wallpaper & Pillows—June 2021 M&A Activity

Shutterfly acquires Spoonflower, Cathedral expands, and more…

The Target Report: On Demand Everything—May 2021 M&A Activity

Printful Snags Unicorn Investment, Commercial Printing M&A Picks Up, and more…

SPACs and Credit Cards for the 1%—April 2021 M&A Activity

CompoSecure Merges with SPAC, Oliver Acquires Boutwell, and more…

Letterpress, Greeting Cards & Feminism—March 2021 M&A Activity

Paper Source files for bankruptcy, packaging segment is white hot, and more…

So Many Books, So Little Time* —February 2021 M&A Activity

Lake Book Joins Grafica Veneta, Outside Media Integrates, JN White Acquires ECI Screenprint, and more…

As Goes the Industry, so Goes the Trade Associations—January 2021 M&A Activity

Printing United Alliance Sets the Standard, H.I.G. Bags Action, BluEdge Expands, and more…

Bags, Pouches, Trays & Bowls—December 2020 M&A Activity

ProAmpac Brown Bagging It, Alcom Spreads Out, Ebony & The Voice Rise From the Dead, and more…

Dystopia, Social Justice, and Steamy Romance—November 2020 M&A Activity

Bertelsmann buys Simon & Schuster and Quad’s Book Plant, I.D. Images acquires Pointil Systems, Graphic Village adds a tuck-in, and more…

Deconsolidation of the Consolidators—October 2020 M&A Activity

LSC Jettisons Creel Las Vegas Before Final Sale to Atlas, Brook & Whittle Acquires, Traxium Files Bankruptcy, and more…

CJK Goes Global as Cenveo Unwinds—September 2020 M&A Activity

Cenveo sells off content services, Meyers expands label business, and more…

The Target Report Annual Recap—August 2020 TTM M&A Activity

M&A activity in commercial printing dips, tuck-ins still predominate; packaging deals are driven by PE, labels lead the pack; wide format transactions pick up; and more…

Connecting The Dots—Kornit’s Acquisition of Custom Gateway Creates Powerful Print On Demand Solutions For Ecommerce Fulfillment

Kornit is expanding its digital capabilities through the acquisition of Custom Gateway, positioning itself to offer a complete end-to-end digital production process. Textiles expert Debbie McKeegan explains.

Buyers are On The Move and On Track—July 2020 M&A Activity

CJK Acquires Quad Book Plant, Mittera Executes on Strategy (Again), and more…

Leaving Labels—Heidelberg Selling Gallus

WhatTheyThink European section editor Ralf Schlözer takes a close look at today’s announcement that Heidelberg is selling its Gallus label press business, as well as what the future may hold for Heidelberg.

Donuts Lead the Way in Return to Normalcy  —June 2020 M&A Activity

Southern Champion Tray Acquires, Brook & Whittle Establishes Western Presence, and more…

Regional Print Consolidator Builds Diverse Offerings—May 2020 M&A Activity

Graphic Village acquires DMS ink, Brook & Whittle adds Croydon, and more…

Alphabet Soup of Trade Association Mergers—April 2020 M&A Activity

Trade Association Mergers Reach an Apex, Commercial Printing Tuck-Ins, and more…

The Lull Before the Tempest—March 2020 M&A Activity

Transactions continue apace up to mid-March, then abruptly stop. What’s next, and more…

Catching the Wave in Corrugated Cartons—February 2020 M&A Activity

Welch Packaging Group Stays Strategically Focused with PAX, Thomas Printworks Acquires Dynamic, GSP Adds Custom Color, and more…

The Smartest Investor Ever Exits Newspapers—January 2020 M&A Activity

Berkshire Hathaway Gives Up on Newspapers, Transcontinental Embarks on Retail Strategy, Graphic Village Acquires Brand Consultancy, and more…

The Penguin’s Native Tongue is Now German—December 2019 M&A Activity

Bertelsmann Buys Balance of Penguin Random House, Ripon is Sold, Blackstone Invests in HH Global, and more…

Commercial Printing: Consolidation or Regional Expansion? —November 2019 M&A Activity

Mittera acquires business assets of Fuse, Knepper purchases Dual Print & Mail, H.I.G. Capital invests in print (again), and more…

Transformation Is Not Always What You Plan…

David Zwang details the recent merger/acquisition dance going on between Xerox and HP, and the forces that are impelling both companies to transform—one way or another.

Print Industry M&A and Print Software

The merger of software technology stacks and strategy is a key component to any two businesses coming together. It takes time, effort, and patience as technology is uniquely embedded in a business. Be strategic about what you address and when you address it. Not everything should change right away.

Market for Label Printing Catches Fire—October 2019 M&A Activity

ProMach, Fort Dearborn, Inovar, and PPC Packaging light up M&A activity, Transcontinental acquires, H.I.G. Capital goes outdoor in a big way, and more…

Behind the Scenes in Photobooks—September 2019 M&A Activity

RPI Enters Consumer Market, Transcontinental Transforms, Colortree Forced into Bankruptcy and more…

The Target Report Annual Recap—August 2019 M&A Activity

M&A activity in commercial printing continues unabated, mostly tuck-ins; packaging deals are driven by PE; newspaper and magazine publishing segment in turmoil; and more…

What’s in a Letter?—July 2019 M&A Activity

Monotype Imaging Goes Private, DG3 Acquires, Coloredge Merges, and more…

Specialty Graphic Imaging Association (SGIA) Acquiring NAPCO Media

The state of printing industry associations is still very much in a state of flux with a few still trying to survive. This latest move may tip the scales.

Lectra Acquisition of Retviews Helps Bring Realization of Industry 4.0 Closer for Fashion Brands

Lectra offers solutions that give fashion, automotive, and furniture companies the means to embark on the Industry 4.0 journey. Its recent acquisition of data company Retviews is another arrow in the company’s quiver. We spoke with Maximilien Abadie, Chief Strategy Officer for Lectra, to learn more.

Print Publishing in Turmoil—June 2019 M&A Activity

Justice Department Blocks Quad, Condé Nast Sheds W, Colortree Closes and more…

Sports Illustrated Print Edition Heads to Hospice—May 2019 M&A Activity

Meredith sells off Sports Illustrated branding rights, Welch Packaging stays focused, and more…

The De-Evolution of  Cenveo—April 2019 M&A Activity

Cenveo spins out more assets, Knepper acquires, MSP converges, and more…

WhatTheyThink Exclusive—Why EFI Acquired BDR Boya Kimya and What’s Up with EFI BOLT: An Interview with Adele Genoni, EFI Reggiani Vice President and General Manager

On Friday, EFI announced yet another acquisition, this time Turkish company BDR Boya Kimya, a leading manufacturer of reactive inkjet inks for industrial digital textile printing. We spoke with Adele Genoni, EFI Reggiani’s Vice President and General Manager, to get the inside scoop on this acquisition. While we had her on the line, we also asked for an update on EFI BOLT, the world’s fastest digital textile printer.

Signs.com and Ferrari Color: The Inside Story

The acquisition of Ferrari Color by Signs.com caught our attention. Senior Editor Cary Sherburne spoke with Signs.com cofounder and chief operating officer Nelson James to get the inside story.

Exclusive Interview: EFI CEO Bill Muir and CFO Marc Olin Discuss Recently Announced Acquisition by Siris Capital Group

A press release from EFI Monday morning caught the industry by surprise. The company announced a definitive agreement to be acquired by an affiliate of Siris Capital Group LLC. Senior Editor Cary Sherburne spoke with CEO Bill Muir and CFO Marc Olin to get some background on the announcement.

CJK Group Opens Next Chapter with Loan-to-Own Strategy—March 2019 M&A Activity

Thomson-Shore under the Gavel, Salem One and Envision3 Acquire Mailing Services, and more…

Platinum Equity Likes Print—February 2019 M&A Activity

Multi-Color Corporation taken private, McCormick Armstrong joins list of defunct web offset printers, trade-only printers trade hands, and more…

BCC Solidifies Position in Mail Preparation Software—January 2019 M&A Activity

Satori Software acquired by BCC, Diversified Labeling Solutions sells out to Taiwan-based TSC, McClung acquires Commonwealth, Oliver buys DISC, and more…

Consolidation in Commercial Printing Rolls On—December 2018 M&A Activity

Mittera acquires Henry Wurst, H.I.G. Capital invests in print, GSB Digital expands in NYC, Alliance adds another franchise system, and more…

The Waning Fortunes of the Time Inc. Magazines—November 2018 M&A Activity

Meredith sells off iconic American magazine titles, Quad/Graphics acquires Periscope, PE continues love affair with labels, and more…

A Reversal of Fortune: Paper Mills Gain Leverage—October 2018 M&A Activity

New Dragon acquires and opens shuttered paper mill, CJK rolls on in the book segment, Quad takes on LSC Communications, and more…

Gerber Technology’s Ideation an Inspirational Event for Textile Design and Manufacturing

Senior Editor Cary Sherburne recently traveled to Miami Beach to join more than 300 people at the Gerber Technology Ideation event, the company’s software users’ group. This educational and networking event is in its 20th year. The enthusiasm among the more than 240 customers and prospects in attendance reflects the efforts the company has made to listen to customers and stay ahead of the trends.

Cimpress: Getting Bigger by Staying Small—September 2018 M&A Activity

BuildASign achieves high valuation in strategic sale to Cimpress, Snapfish acquires CafePress at bargain price, regional serial acquirers active in commercial printing segment, and more…

It’s Back to School Time—August 2018 M&A Activity

M&A activity in commercial printing, driven by pressure to consolidate, remains robust; packaging is still the hot topic, wide format falters (just a bit), and more…

If You Can’t Beat ’Em, Join ’Em – July 2018 M&A Activity

LSC Communications jettisons major European printing asset, acquires digital content logistics firm MAZ, label segment is very active, and more…

Volaris Group Makes First Foray into Print Automation Software

The recent acquisition of print automation software provider Aleyant by Canada’s Volaris Group raised some eyebrows in the industry. Who is the Volaris Group? What strategy are they pursuing relative to the printing industry? And what does this acquisition mean for Aleyant? These were questions Senior Editor Cary Sherburne investigated.

What Did Not Happen – June 2018 M&A Activity

Edwards Brothers Malloy shuts down as others consolidate book printing, transactional activity at five-year low, other major closures announced…

Corrugated Gets Glam—May 2018 M&A Activity

DS Smith builds out US platform in corrugated, Traxium acquires two, LSC buys and sells, Deluxe automates soft skill, and more.

Getting Flexible in Your Middle Years – April 2018 M&A Activity

Transcontinental TC closes transformative transactions, ProAmpac buys, commercial printers actively acquire; Herbie finally retires, and more.

Press Onward!—March 2018 M&A Activity

German and American rivals agree to merge, Contiweb spun off, Sun and Siegwerk acquire specialty inks, Autajon strengthens US presence, and more.

Turning a Big Ship – Quad/Graphics Acquires Ivie - February 2018 M&A Activity

Quad/Graphics transforms with acquisition of Ivie, Graphic Village buys competitor Multi-Craft, Taylor builds on display platform, Platinum Equity acquires WS Packaging; and more.

Impact XM Adds Gamification to Exhibits & Events - January 2018 M&A Activity

AGI Partners builds marketing services platform; Windsor files, Xerox turns Japanese (with a nod to the Vapors’ 1980 hit song); and more…

Non-Bankruptcy Debt Restructuring in the Printing Industry

What options are available for financially troubled print businesses? John Hyde, the leading expert in M&A involving financially troubled printing companies, talks with Graphic Arts Advisors about how there are more choices than ever, including Non-Bankruptcy Debt Restructuring.

Will the Real Crane Please Stand Up? – December 2017 M&A Activity

Crane Currency acquired; IWCO teams up with ModusLink Global Solutions; OSG active in transactional segment; Fort Dearborn acquires NCL; and more…

Flexible Packaging is Hot – November 2017 M&A Activity

TC Transcontinental executes long term strategy in flexible packaging, Graphic Packaging acquires again; Kingery Printing acquires United Graphics; and more…

Transactional Print – Fertile Ground for Consolidation – October 2017 M&A Activity

OSG Billing Services, now owned by PE firm Aquiline Capital, adds first bolt-on with acquisition of Microdynamics, label printer Brook & Whittle acquired in secondary buyout, Vomela buys another commercial printer; and more…

Print Supply Chain Consolidation – September 2017 M&A Activity

Barry-Wehmiller consolidates ancillary print equipment sector in a robust deal environment for all things print; makers of equipment, manufacturers of materials and distributors of supplies are in demand; a look-back at the past year; and more

Transformation and Rebirth – July 2017 M&A Activity

July 2017 – Mergers, Acquisitions & Restructuring in the Printing, Packaging & Related Industries. LSC Communications rebuilds diversified publication services; Quark transforms; DG3 acquires UK printer Leycol; Multi-Color goes all-in with deal for Constantia Labels; and more…

Family-Owned Newspapers Roll It Up – June 2017 M&A Activity

Hearst, Gatehouse, Lee, Ogden, Phillips and Adams stir up the local newspaper business; Sandy Alexander acquires Designers’ Press; tuck-ins abound and more in the June 2017 – Mergers, Acquisitions & Restructuring in the Printing, Packaging & Related Industries.

Small Printers are Big Business – May 2017 M&A Activity

Global franchise system owner of Mail Boxes Etc. acquires US-based printing franchise system PostNet, Standard buys Epic, ICV Partners moves upstream with LeadingResponse, and more.

Show Me the Money: Why Strategic Buyer Financial Disclosure Is Normal in Printing Industry M&A and What to Do About It

In the world of strategic M&A among privately-owned print, mail and graphics communications companies, seller due diligence into the buyer is a common practice.

Legacy Printing Companies Fade Into History – April 2017 M&A Activity

Sheridan Group is sold, Intelligencer joins with Pemcor, Kennedy Group and Resilience Capital form Lux and buy National Label, ProAmpac and Resource Label acquire, summary of equipment manufacturing deals, and more.

View into the Future of Printing Process Control - March 2017 M&A Activity

Danaher adds Advanced Vision Technology to Pantone and X-Rite platform, Ripon acquires Maquoketa, Vomela goes commercial, private equity backs outsourcing packaging to China, and more

Imagine Losing Money for Ten Years in a Row And Staying in Business

It’s a famous example of a large public company that defied gravity - Trans World Airlines (also known as TWA for those of us old enough to remember the brand) famously posted ten consecutive money-losing years and continued to operate, essentially living off capital generated from its once successful legacy enterprise. No small company could ever lose money and survive for an extended period measured in decades!

Transformation of a Legacy Print Business – February 2017 M&A Activity

Deluxe goes mobile as strategic plan unfolds, VC fund invests in photo book printer (and brilliant marketer of print services) Chatbooks, the market for retail display and point-of-purchase printers heats up as Orora continues acquisition spree, and more…

They’re Back… (Buyers of Commercial Printers) – December 2016 M&A Activity

Australian packaging company Orora stakes out US position in retail display, acquiring The Register Group, ICV Partners buys out SG360° ESOP, Cimpress acquires National Pen, Moore DM buys PS/PS Digital and more.

Big Wall Street Deals Get Done Faster Than Small Business M&A: Here’s Why

How is it possible that corporate giants AT&T and Time Warner reach an agreement on the terms of a merger in only two months while many small business owners languish over deals for six months, nine months, or even years?

Cimpress Acquires National Pen: The Inside Scoop

Today, Cimpress, the parent company of Vistaprint and multiple other Internet printing brands, announced it is acquiring National Pen, a leader in custom writing instruments. Senior Editor Cary Sherburne spoke with Cimpress CEO Robert Keane to get the inside scoop.

“Just One Word: Plastics” – November 2016 M&A Activity

Multi Packaging Solutions in holiday mood, buys gift card printer, OneTouchPoint has the right touch for acquisitions, Novolex bags another one, Fort Dearborn on a roll and more.

Moving Pieces Around on the PE Chessboard – October 2016 M&A Activity

Billionaire Pritzker brothers capture ProAmpac, buy Vitex next day, Capital Partners win Outlook Group in secondary buyout, IBS Direct merges with Maestro Media Print Solutions and more.

Managed Print Services Take Center Stage – September 2016 M&A Activity

HP commits to paper-based future, private equity invests in managed print services, ink manufacturers consolidate, Hibbert acquires RedShark, Deluxe promotes promotional products, and more.

Hyde Opinion: the Sale of DG3 to Resilience Capital Partners

DG3, a significant player in the NYC metro, national and international market for commercial and financial printing, has entered another phase of its storied existence of acquisitions, going public, sale of the company, management buyout, return of the founder, sale to private equity and now a secondary sale to private equity and special situation fund Resilience Capital Partners.

Private Equity LOVES Labels – August 2016 M&A Activity

Massive global private equity funds move aggressively into the label and related printing segments, marketing services provider Firespring acquires Jacob North and does good, Supremex rolls up US envelope production, the newspaper chess game goes on and more.

Hyde Opinion: Recent Paper Distributor Consolidation

It’s no surprise that Lindenmeyr has recently announced that it had acquired Graphic Paper, a paper distribution company based on Long Island, New York. According to The Target Report, there was significant M&A activity in the paper industry during 2015, of which seven transactions involved the acquisition of formerly family-owned distributors of printing papers.

How Do You Print a Golf Ball? – July 2016 M&A Activity

Hi-tech inkjet company Xaar makes inroads into US industrial printing market with acquisition of pad printing company, 4over acquires another trade printer, Nationwide Argosy divests last operating company, newspapers consolidate, corrugated segment is active and more.

Dotcom Survivor Retains Print – June 2016 M&A Activity

Dot-com era company, Internet Brands, with backing from KKR, invests in Fodor’s travel guides and commits to maintain print editions, Transcontinental builds flexible packaging division with third US acquisition, Weyerhaeuser completes next step of exit from paper business, ALJ Regional bolts Color Optics onto portfolio company Phoenix Color and more.

Xerox and RR Donnelley to Merge? What Would This Mean for the Industry?

Say what? Mainstream media is reporting that the two are in talks, and all this in the middle of Breaking Up Is Hard to Do for both companies. Xerox responded to an email inquiry early this morning with this: “All we are willing to share at this point is that we don’t comment on market speculation.” Expected. RR Donnelley has always been extremely close to the vest even when the topic is not material, so there wasn’t any point in reaching out there. But we do have our feelers out to see what we can pick up.

Sticky Discipline for the Label Business – May 2016 M&A Activity

CCL Industries’ establishes international niche positions acquiring label printers at a steady pace, Oliver Printing transitions to carton printing and forms platform company for Pfingsten, M&A activity resumes in commercial printing segment, Dex Media files “Chapter 33”, and more.

A Puzzling Future for Specialty Magazines – April 2016 M&A Activity

April 2016 – Mergers, Acquisitions & Restructuring in the Printing, Packaging & Related Industries

Justice Department Saves Newspapers (really?)

March 2016 – Mergers, Acquisitions & Restructuring in the Printing, Packaging & Related Industries

Cold Front Moves In – February 2016 M&A Activity

February 2016 – Mergers, Acquisitions & Restructuring in the Printing, Packaging & Related Industries.

Another New Business for EFI

EFI is using both organic growth and acquisitions to get to CEO Guy Gecht’s much publicized goal of reaching $1 billion in revenue this year, and another acquisition was added to the mix this week. Senior Editor Cary Sherburne talked to EFI about how the acquisition of Rialco LLC fits into the mix.

An Owner’s Strategy For A Receding Economy

The impact of a negative economic outlook on M&A activity will be to turn the current sellers’ market into a buyers’ market and result in decreased valuations. The situation will cause most owners who might have been considering a sale transaction in the near future to pause and re-examine their strategies.

POP! Retail Display Proves Attractive – January 2016 M&A Activity

January 2016 – Mergers, Acquisitions & Restructuring in the Printing, Packaging & Related Industries

Cimpress CEO Robert Keane Shares Thoughts on Business Growth

In December, Cimpress, the parent company of Vistaprint, announced plans to acquire German web-to-print company WIRmachenDRUCK. Senior Editor Cary Sherburne talks to CEO Robert Keane to find out more about the company’s strategies and growth plans.

Rollin’ Rollin’ Rollin’ - November 2015 M&A Activity

Saugatuck Capital bolts Plymouth Printing onto Pharmaceutic Litho & Label, Rondo-Pak adds Contemporary Graphics to US pharma printing platform, Firespring evolves into MSP, Circle Graphics corrals grand format printer Imagic, the Mittera Group continues traditional printing rollup.

The Box is in Demand - October 2015 Mergers, Acquisitions & Restructuring in the Printing, Packaging & Related Industries

The Box is in – paperboard, corrugated, decorated, foil-stamped, bar-coded, laminated, textured, embossed, pearlized, diecut, folded, glued, large and small. Folks in the business of printing love the box. Unlike the box’s troubled cousin, commercial printing, the box is reordered on a regular basis and is far less subject to disruption by online internet-based technologies.

Turmoil in the Garden of Meredith - September 2015 M&A Activity

September 2015 –Mergers, Acquisitions & Restructuring in the Printing, Packaging & Related Industries

Newspaper Publishers Enter the Eye of the Storm - August 2015 M&A Activity

August 2015 –Mergers, Acquisitions & Restructuring in the Printing, Packaging & Related Industries

EFI Walks the Digital Fashion Runway - July 2015 M&A Activity

July 2015 –Mergers, Acquisitions & Restructuring in the Printing, Packaging & Related Industries.

Risk: The Biggest Threat To Capturing Ownership Value

Much has been written about what business owners should do to improve the value of their business. So much so, that when it comes to developing a set of priorities to get ready for a sales or other transfer process, uncertainty and confusion reign supreme.

May 2015 – Mergers, Acquisitions & Restructuring in the Printing, Packaging & Related Industries

De-evolution for eBooks Platform? – May 2015 M&A Activity, includes commercial printing, packaging, newspapers, and equipment.

Vistaprint Hits a Double with Global Acquisition Strategy – March 2015 M&A Activity

March 2015 –Mergers, Acquisitions & Restructuring in the Printing, Packaging & Related Industries.

Who Says Books Aren’t Pretty? – February 2015 M&A Activity

Books were ascendant in the printing deal space as RR Donnelley swooped down and snatched Courier Corporation right out of the arms of Courier’s suitor of choice, Quad/Graphics. Almost two and half times larger than Quad, RRD was not about to let this opportunity escape as it did last year when Quad acquired Brown Printing in a sweetheart of a deal.

End of the Line for MeadWestvaco – January 2015 M&A Activity

Paper and packaging industry giant MeadWestvaco appears to be at the end of its life as an independent entity. The company agreed to a merger with RockTenn to form a yet-to-be-named successor company. RockTenn’s expertise in kraft paper, corrugated cartons and retail displays will combine with MeadWestvaco’s strengths in paperboard and folding cartons. The result will be a powerful player in the increasingly global packaging industry, with over $15 billion in annual revenues.

December 2014 – Mergers, Acquisitions & Restructuring in the Printing, Packaging & Related Industries

The Darwinian process of growth, change, merger, and failure proceeded with full vigor during 2014. The 241 transactions announced during 2014 in the printing, packaging, and related industries in the US and Canada represent a 40% increase compared to the 172 transactions that we noted during all of 2013. The vibrancy of the market is consistent with the M&A activity noted across many industries over the past year

Mark Cuban and Print Shop Owners Score with Shark Tank – November 2014 M&A Activity

Less than a year after swimming with the sharks on the popular TV show Shark Tank in January 2014, husband-and-wife team and printing company owners, Julie and Brian Whiteman, sold their digital photobook app, GrooveBook, to Shutterfly for $14.5 million.

Accelerating Growth through Strategic Acquisitions

While hard work is always a key ingredient for successful business growth, printers of all sizes are pursuing strategic mergers and acquisitions as a mechanism to further strengthen their businesses. While growth through acquisition was once considered the domain of large enterprises, companies of all sizes are now discovering that they can gain access to new printing technologies or services by acquiring or merging with another company. This article explores how First Edge Solutions has achieved business expansion through strategic acquisitions and partnerships.

Why are These Millennial-Generation Printers Smiling? – October 2014 M&A Activity

October 2014 –Mergers, Acquisitions & Restructuring in the Printing, Packaging & Related Industries

If You Think Selling Your Business is Like Selling Your House – Guess Again! Part Two: Improving Value

This is part two of a series on the differences between selling a house and selling a business. In part one, we discussed some of the key drivers and the effects that improvements have on home value. In part two, we drill down into the effects that various improvements in a business can have on transaction value.

If You Think Selling Your Business is Like Selling Your House – Guess Again!

Part 1 in a two part series on the differences between selling a house and selling a business. In part one, we discuss some of the key drivers and the effects that improvements have on home value. In part two, we drill down into the effects that various improvements in a business can have on transaction value

The Roll-Up Returns (to Commercial Printing) – September 2014 M&A Activity

It’s been a long downhill slide for roll-up activity in the commercial printing industry. The major players have either exited the field (Consolidated Graphics), partially disintegrated (Nationwide Argosy, né Nationwide Graphics), or struggled with their own lack of clear strategic direction (Cenveo, né Mail-Well). That void may soon be filled by regional players that are stretching beyond the boundaries of their original core operation. In contrast to those aforementioned major league teams that were fueled by shares issued in the public markets, the new draft of contenders are energized and coached by private equity funds flush with cash and the ability to borrow at very favorable rates from eager lenders.

Industry Swims Upstream - August 2014 M&A Activity

Streamworks acquires design and production boutique, Maidstone Capital adds EU Services to its portfolio to join with Com-Pak Services, YGS Group acquires Print Management, Performance POP buys Miramar Designs, RockTenn purchases display division from American Greetings, and more - August M&A transactions and restructurings are posted at The Target Report.

Redefining Print: Joel Quadracci Discusses Quad/Graphics and the View from the Industry’s Front Ranks

At the recent PRIMEX East leadership conference by IDEAlliance, Quad/Graphics Chairman, President and CEO Joel Quadracci gave a keynote presentation in which he reviewed the state of the industry, discussed the impact of new technologies, and commented on Quad’s rise to the number two position among all U.S. printing firms.

Forbes Lands the Whale – July 2014 M&A Activity

Forbes achieves stunning price in sale to Asian investment group, Scripps and Journal Communications merge and immediately spin off all their printed publications, commercial printer SG360° buys Lehigh Direct from Visant, and more - July 2014 –Mergers, Acquisitions & Restructuring in the Printing, Packaging & Related Industries

June 2014 Mergers, Acquisitions & Restructuring in the Printing, Packaging & Related Industries

The newest old company, Time Inc., was very busy in June. The venerable publisher of magazines, including household names such as Time, Fortune, People, and Sports Illustrated, was spun off from Time Warner, separating the aging print-centric parent from its progeny’s profitable entertainment and programming businesses.

It’s Academic – Scholarly Journals are Big Business – May 2014 M&A Activity

Digital content platforms attracted financial and strategic buyers last month, as increasingly sophisticated online systems drive information to centralized providers that automate the design, hosting and distribution of content.

Want To Improve the Value of Your Company Up to 5x Without Borrowing a Dime?

There has long been speculation among business owners and their advisors over how to place a value on privately held companies. Now, newly developed business valuation models which replicate historical buyer experience sheds some light on the topic and provides some very interesting insights into value creation opportunities for current business owners and potential buyers.

April 2014 – Deals, Court Filings & Closures in the Printing, Packaging, Paper & Related Industries

It was a Tale of Two Cities for sellers of printing companies in April. For some, it’s the best of times; they appear to have chosen wisely, believed in the power of the internet to transform the business of print, they saw the light and felt the hope of spring as they embarked on their journey. The market anoints these fortunate few with the ultimate reward – the high multiple.

March 2014 – Deals, Court Filings & Closures in the Printing, Packaging, Paper & Related Industries

The traditional divide between commercial and packaging printers continues to blur as commercial printers seek opportunities in packaging where they can apply their talents, utilize their capital equipment investments, and transition to the packaging industry.

PIA and NAPL: Where They Are, and Where They Go from Here

Because they mirror the industry they serve, the printing industry’s two principal trade associations are seeing a picture they may sometimes have trouble recognizing. But, the groups say they have adapted to circumstances, learned from mistakes, and committed themselves to strategies for stability.

Harland Clarke and Valassis: There’s a Real Strategy in Play

So, why would a firm that started life as a check printer and that still focuses primarily on financial institutions spend $1.8B to buy a retail coupon and advertising printer?

Really Great Deals! Eight Keys to Create One

Consolidation looks like the obvious play in a shrinking industry space: put two friendly competitors together, eliminate redundant / duplicative activities, pocket the savings and move along happily. Sounds simple and neat. Uh oh.

Customized W2P: the New Ingredient for Success in M&As

Pinpointing the characteristics that make some printing companies more economically attractive than others is the short version of the mission of New Direction Partners (NDP), a consultancy specializing in mergers and acquisitions in the graphic communications industry. Some of these earmarks are classic indicators of the health of a business: cash flow, accounts receivable, EBITDA, and so on. Others, however, stem from emerging trends that NDP monitors as M&A influencers for the industry as a whole.

RRD & CGX — The Strategy Behind the Buzz

Over the last few days, I've been asked more than a dozen times for my take on RR Donnelley’s pending acquisition of Consolidated Graphics (CGX). Frankly, I have been surprised by the number of people who found the announcement puzzling. And most of the speculation has suggested that it’s purely a defensive move on RRD’s part in the face of declining industry sales volume.

Murders and Accusations or “Why not to do a deal at all.”

No, that title isn’t a typo. Mergers and acquisitions are getting lots of attention again. That means mine will probably be the most contrarian voice on the subject. Over the past 14 years, I’ve watched 8 different deals up close. So let me apologize in advance: I’m not a fan of mergers or acquisitions. Here’s why..

In the Print M&A Marketplace, Amateurs and Generalists Need Not Apply

You’ve placed your company's future into the hands of a self-styled M&A adviser. But do you truly understand what your agent’s qualifications are and where the relationship is going to take you?

Why Going It Alone in an M&A Can Mean Going Nowhere at All

Printers are self-reliant by nature. But, the pitfalls of selling a company or buying one without expert assistance should make even the most rugged individualist think twice.

Strategizing the Acquisition: A Road Map for Buyers

Today, for many printers, “growth” means “growth by acquisition.” In strategizing a deal to buy another company, purchase price is not the first thing to focus on.

When Sellers Say, ‘Show Me the Money,’ What Should They Expect to See?

Everyone with a printing company to sell dreams of making a deal with full payment in cash at closing. That’s an achievable outcome for some sellers, but not for others. Two case studies provide a helpful dose of realism.

Why Printers Must Ask Themselves, “Is My Business Irreplaceable?”

The profitability gap between the best-performing and the weakest printing firms is wider than ever. It reflects the difference between the “haves”—firms with effective strategies for competitive differentiation—and the “have nots,” which lack them.

We Have A Pope—and His Apostle to the Printers

In one of his first official acts since his election as pontiff, Pope Francis has unveiled a radically new strategy for proselytizing to the world: he’ll carry on the work of St. Peter through an international network of printing companies he intends the Church to acquire.

Integrating Impika: A Talk with Xerox’s Andrew Copley

Although the ink is barely dry on the deal that has made Impika a unit of Xerox, the acquirer believes that bringing its target into the fold will give it the major-player status in inkjet that it has been seeking.

What's the Good Word in Mergers and Acquisitions? Most of the Time, Ssshhh!

If silence is golden in most of the affairs of life, in M&A transactions, it’s pure platinum. Nothing assures a better outcome for a deal—or yields a worse one if it’s violated—than maintaining a policy of tight information control while negotiations are under way.

Gotcha! Heading Off the Hassles of Inconvenient Truths in M&As

Sometimes, sheer embarrassment can kill a merger—the shock of suddenly having to account for issues that ought to have been dealt with earlier in the process. Privately held printing companies can be prone to the kinds of errors that embarrass sellers and thwart M&As.

A Print Business Pro Takes the Long View of an Industry in Transition

In real estate, they say, it’s all about location, location, location. In business consulting, the triple crown is perspective, perspective, perspective. The most recent addition to the consulting team at New Direction Partners brings a long and multi-angled view of the printing industry to his new role as an architect of mergers and acquisitions within it.

NDP's Steenburgh Asks: As We Grow Our Businesses, Are We Having "Fun" Yet?

Frank Steenburgh says one thing his long experience as a business-builder has taught him is that growing revenues and profit will always be more fun and rewarding than cutting costs. Read why.

Web-to-Print Acquisition Analysis: EFI Buys OPS

The web-to-print market is fragmented and hard to determine clear leadership or market share. EFI's acquisition of OPS consolidates the market (slightly). EFI's market share will grow, their product offering will be more comprehensive, and OPS will benefit from EFI's well developed channel partnerships.

A Print Industry "Oligopoly" is on the Way: Are You In, or Are You Out?

Given present trends, the industry could be dominated by a relative handful of firms in a few years. Some companies can grow profitably into this new landscape. Others can make a safe exit before it fully unfolds. Each outcome demands a strategy-now.

Pouring Another Cup O’ Joe: Points for Sellers to Ponder as the M&A Climate Improves

A pent-up eagerness for deals makes it all the more important for those venturing back into the M&A marketplace as sellers to be clear about why they should sell—and why buyers should want to acquire them.

Fail To Plan, Plan To Fail: the Necessity of Strategizing Acquisitions

It may be possible to run a printing company without a formal plan, but buying or selling a printing company will be very difficult to bring off successfully without the help of a written roadmap. An acquisition plan is a vital navigation aid that guides the process and certifies the desirability of the deal.

CEO Fujio Mitarai and Canon Host US Media Tour

WhatTheyThink recently joined other editors and analysts on a media tour to Canon’s headquarters in Tokyo, Japan. There, we were given a unique opportunity to hear from Canon Chairman & CEO Fujio Mitarai on his “5 Year Plan” strategy that focuses on reforming production and a profitable position in the markets they serve.

M&A Mythbusting: Just How Good an Investment Is a General Commercial Printing Business?

Some think that general commercial printing companies aren’t worthy targets for acquisition by other printing firms. That’s a major misperception, say the M&A experts of NDP.

You Closed the Deal—What’s Next? Here Are the Steps To Take Now That the Ink Is Dry

Inking the merger of two printing companies is the formality that signals the beginning of the hard part: implementation. Methodical planning and careful communication can go a long way toward smoothing the transition.

Vistaprint Revisited: New Acquisitions

WhatTheyThink profiled Vistaprint in January 2011and the company has made some notable acquisitions since then, so we are taking an updated look at what has been in development. Conclusion? Vistaprint is still charging ahead.

High-Profile Industry Figure in Latest Role: Frank Steenburgh, a.k.a “DocuFrank,” Joins NDP as Partner

It would be impossible to speak for very long about the evolution of digital printing without bringing Frank Steenburgh’s name into the conversation.

Surviving “the Printing Industry’s Perfect Storm”—and Its Aftermath

A “perfect storm” of change has transformed the printing industry, and every traditional printing operation caught in it faces the same decision: either issue a Mayday and sell the boat, or do nothing and watch the ship sink.

Geographics: Portrait of a Printing Company with M&A in Mind

Ever since he founded Geographics in 1976, Norvin Hagan hasn’t tried to purchase another company—until now. Read why he’s ready to complement organic growth with the kind that comes from a well planned and executed acquisition.

AlphaGraphics Acquired by Blackstreet Capital

Now that the dust has settled a little on the acquisition of AlphaGraphics (AGI) by Blackstreet Capital and CEO Kevin Cushing’s unexpected departure, Art Coley, AlphaGraphics’ Interim President, talks to WhatTheyThink Senior Editor Cary Sherburne about the AGI perspective, future prospects and franchisee reaction.

Expect a Stepped-up Pace of M&As in 2012, for All the Right Reasons

No matter what is happening to other print industry metrics, M&As are trending up. This can be to the advantage of many printing companies seeking growth or a path to staying in operation.

manroland Sheetfed Division Being Acquired

Andy Tribute takes a look at Langley Holdings which recently acquired the manroland sheetfed division.

Cathedral Corporation: Portrait of a Printing Company with M&A in Mind

Technical innovation and customer care are the main ingredients in the recipe for growth at Cathedral Corporation, which now aims to accelerate its expansion with the well-planned acquisition of another printing firm. President and CEO Marianne Gaige describes her objectives in this interview.

Why HP Acquired HiFlex

On December 7th, HP announced the acquisition of print MIS provider HiFlex. WhatTheyThink Senior Editor Cary Sherburne spoke with HP to understand more about this acquisition and how it fits into the HP portfolio. You may be surprised to learn where the acquisition is reporting within the HP organization.

For Three Firms That Grew by Acquisition, the Art of the Deal Came from the Guidance of Their Professional M&A Advisors

Even experienced fishermen know that there are times when they shouldn’t cast a fly without the help of a fishing guide. A guide knows where the best fishing holes are and how to land the prize fish in them. It’s much the same with mergers and acquisitions in the printing industry. The best catches are made when the principals rely on the skills of deal-savvy M&A advisors.

Pouring Another "Cup O Joe": Lenders Talk About Lending (Part 2)

As everyone knows, the recession has made business financing hard to come by. In this two-part “Cup O Joe,” lenders to the printing industry report that loan products are available and discuss how printers can obtain them.

RPI's Bellamy Comments on Acquisition of Netherlands-based Paro Group BV

On August 25th, Seattle-based RPI announced the acquisition of Paro Group BV, based in Eindhoven, Netherlands. The entity in the Netherlands will be known as RPI-Paro to capitalize on Paro branding there. WhatTheyThink spoke with Rick Bellamy, CEO of RPI, and Jan-Paul van den Hurk, owner and CEO of Paro Printing, for more details.

Quark Moves On

It was announced last week that Platinum Equity had acquired Quark Software Inc. Without an understanding of the digital media market over the past thirty years this may seem just like another investment by a financial investment company. For those of us who have been involved in the major changes that have happened, to us Quark is one of the key companies that had driven the changes in the industry.

Pouring Another "Cup O Joe": Lenders Talk About Lending (Part 1)

As everyone knows, the recession has made business financing hard to come by. In this two-part "Cup O Joe," lenders to the printing industry report that loan products are available and discuss how printers can obtain them.

Mimeo Acquires CLE; Expands to UK, CEO Adam Slutsky Comments

In July, online printer Mimeo announced the acquisition of UK-based CLE. In this conversation, with CEO Adam Slutsky talks about the reasons for the acquisition, Mimeo's expectations, and hints about future plans.

Leveraging Acquisitions to Accelerate the Pace of Cross-Media Adoption

Rather than building skills internally, firms are aggressively buying expertise to strengthen their offerings and/or add services. Larger firms have begun to purchase smaller organizations that already have made the transition to cross-media. The acquiring firm buys the best practices, expertise, and a book of business, while the acquired firm has access to a larger resource pool. This article highlights some recent examples reflecting this trend.

Deconstructing Deals That Didn't Happen (Part 2)

Some M&A transactions in the printing industry fall apart before they reach the signing stage. Other deals, however, come undone after the ink is dry, and often for reasons that should have been obvious all along. New Direction Partners looks at how to stay out of the latter trap.

Deconstructing Deals That Didn’t Happen (Part 1)

M&A transactions sometimes fall through. Poor judgment, misinformation, adverse business developments, and personal antagonisms can drive principals apart despite the mutual advantages of deals that should bring them together. This two-part article examines how and why they fail.

Is Consolidation the Future? (Part Two)

In a recent article I covered the acquisition of part of St Ives Group, one of the largest web offset printing operations in Europe by a competitor, Walstead Investments, to create the largest magazine web offset printer in the UK. Since then there have been significant developments among Walstead’s competitors that are likely to change the structure of magazine printing in Europe. This article covers the latest developments in this market area

Devil in the Details: Issues and Answers in M&As

A successful M&A transaction is the sum of many carefully fashioned parts. This month, New Direction Partners and Margolis Becker delve into the details with comments on how deals can be influenced by client concentration; plant ownership; non-compete agreements with salespeople; acquired management teams; post-acquisition price increases; and personally guaranteed debt.

Pouring Another “Cup O Joe”: the Essentials of M&A Valuation

"What's my company worth to a buyer?" Easy to ask, but not so easy to answer correctly. This month, New Direction Partners and Margolis Becker explain the multiple-of-EBITDA formula that's used to determine pricing in many conventional acquisitions. They also discuss asset-based valuation for tuck-ins and note the commission structures that sellers can expect to receive in M&As of this type.

DG3 acquires the Ace Group: What does it all mean?

On Friday, March 4th, DG3 North America announced the acquisition of substantially all of the assets of The Ace Group of Manhattan. DG3 touted its ability to expand its Interactive Services group through this acquisition. This interview with Ace Group’s Val DiGiacinto and DG3’s Tom Saggiomo digs deeper into the transaction and what it holds for the future of both firms.

Wake Up and Smell the Coffee: Straight Talk about M&As in A “Cup O Joe”

The partners at New Direction Partners join financial management firm Margolis Becker for the monthly Cup O Joe, a conference call with printers on a selected topic. With the help of NDP partners Peter Schaefer and Jim Russell, Cup O Joe tackled the topic “Acquiring A Company from an Owner’s Perspective.” Some excerpts are presented here.

In an M&A Deal, Time Is on Your Side—Until It Isn’t

Knowing when to do the deal is probably the trickiest judgment call in any merger of printing companies. Correct timing is a must for both parties, but choosing the right moment to step forward into the M&A marketplace rests with the seller. It’s a decision that calls for introspective as well as strategic thinking.

Deck the Halls with... New Year’s Resolutions for the M&A-Minded

In the time-honored tradition of ending the present year with resolutions for improvement in the year to come, New Direction Partners offers guidance for print company owners who may find themselves on one side or the other of an M&A transaction in 2011.

A Short Course in the Fundamentals of M&A

New Direction Partners has taken its M&A consulting on the road in a series of presentations. In these briefings, NDP offers an overview of the business climate for mergers and acquisitions, along with practical advice for owners pondering the next step in the life cycles of their companies.

How Valuation Answers the Question, "What Is Your Printing Company Worth?"

What is your printing company worth? Emotionally speaking, everything. But, owners contemplating the sale of their companies have to answer this tough question in an objective and a financially realistic way. Here are three common approaches to business valuation.

Show Me the Money? Don’t Look at Us, Say the Banks

It wasn’t supposed to be like this. By now, the economy should have picked up, printers’ prospects should have improved, and the banks should have responded by letting some sunlight into their vaults when borrowers from the industry came calling. What happened? Although the nation’s general banking crisis may be over, says Tom Williams, partner, New Direction Partners, there’s been little improvement in the availability of credit for business and equipment financing.

Preparing to acquire: the basics of due diligence (Part 2)

In Part 1 of this primer on evaluating acquisition targets, Paul Reilly and Peter Schaefer of New Direction Partners reviewed the questions a prospective buyer should ask about the things that make the seller's company productive: its plant, its equipment, and the state of its relations with employees. Their discussion continues with advice for assessing the outcomes of that productivity: the quality of the financial results; the condition of the customer base; and the nature of the relationships that the seller has with its suppliers.

Preparing to acquire: the basics of due diligence

If you’re acquiring a company, you better do your due diligence. But what does that involve? Patrick Henry spoke to two M&A experts to get the lowdown on how to ask the right questions. This is the first of a two part series; this one deals with inspecting the facilities and determining what kind of team you’re inheriting.

Is Your Firm Fit for Acquisition? Here’s How To Make Certain It Is

When selling out is the best exit strategy for your print company, there’s careful planning that needs to happen from the moment you make your decision. Patrick is joined by Tom Williams and Jim Russell of New Direction Partners, to review the long range preparation that will put you in the best position to make the sale.

For Sellers, Six Scenarios—and a Word about Timing

Like a weak hand at the card table, a weak offering in the M&A market won’t be improved by the length of time it’s in play. Unlike a poker hand, it can’t be bluffed because the “cards”—the fundamentals of the business—are always in plain sight of the buyer and its due diligence.

M&A Activity to Remain on the Upswing as the Industry Regroups

Despite the industry's shrinkage, printing companies continue to be born “under the radar screen” as firms win new leases on life by merging with other firms. New Direction Partners foresees an increase in M&A activity as the industry regroups around the strengths of its healthiest and most survivable firms.

MSP Digital Marketing and TecDoc Digital Solutions: The Case History of an M&A Transaction Done Right

When four print industry veterans decided to form a national network of digital services for marketing communications, they knew they would need the help of an M&A expert. Realizing that the digital universe is huge, they understood that locating the right acquisition targets within it was a task they could entrust only to an advisor possessing "industry knowledge, financial acumen, and a great database." Read how MSP Digital Marketing, with the help of New Direction Partners, took a successful first toward building its network with the well-executed acquisition of TecDoc Digital Solutions.

Tuck In, Luck Out: A Guide to an M&A Opportunity Built for Two

There’s strength in numbers, goes the old adage, but there’s also strength in the power of one—a cumulative strength that printing companies can achieve by undertaking the kind of merger known as a “tuck-in.”

Canon's Acquisition of Océ: The Details

Following Canon’s announcement that it would acquire Océ, WhatTheyThink spoke with a number of sources to get more detail on this significant acquisition and continued sign of industry consolidation. While Canon proposes to purchase Océ at a 70% premium on the stock value, it works out to about 50% of Océ’s annual revenues. The press release is fairly detailed about the terms and conditions.

Consolidated Graphics Still Keeping an Eye Out for Acquisitions