PALM BEACH, Fla., April 19, 2001 - Workflow Management, Inc. (Nasdaq:WORK), a leading supplier of business printing and supply chain management services, today announces that it has acquired Webtrend Direct, Inc. and Webtrend Graphics, Inc., collectively referred to as Webtrend.
Webtrend operates full service direct mail and commercial printing facilities in Southern California. The acquisition of Webtrend is expected to generate approximately $30.0 million in annual revenues for Workflow Management. Additionally, the acquisition of Webtrend fortifies Workflow’s West Coast market penetration and, combined with Workflow’s existing units, creates the largest full-service direct mail and commercial print operation in California.
Commenting on the acquisition of Webtrend, Tom D’Agostino, Sr., Chairman and Chief Executive Officer of Workflow Management, Inc. stated, “This is a great day for Workflow and our clients. The acquisition of Webtrend is a crowning achievement in executing our strategy of becoming an industry leader on the West Coast. The entire team did an excellent job making this happen. I’m confident that the newly combined operations will be a great contributor to the ongoing growth and success of Workflow.”
Don Secrest, President of Webtrend, Inc., commented, “We are all very excited to become part of the Workflow family of companies. Clearly, Workflow Management has grown to become a significant force in the print industry. Their ongoing development of value-added solutions like the industry-proven iGetSmartTM system continues to position Workflow for greater success. I look forward to working with the entire Workflow Management team to continue to grow our market penetration and bottom-line results.”
Steve Gibson, President of the Workflow Printing Division remarked, “The acquisition of Webtrend represents a merger of the two most successful direct mail operations in Southern California to form a market dominant entity. Webtrend’s highly skilled employees are a fantastic addition to our talented team. We’re all very enthusiastic about the numerous operational and strategic synergies that are created by this acquisition.”
The structure of the transaction calls for Workflow to pay $10.5 million at closing with additional consideration paid over a five year period based on performance of the operations. The acquisition is immediately accretive to the earnings per share of Workflow Management.
Serving over 1,000 customers, Webtrend’s client base includes such notables as AARP, Bank of America, Providian Bancorp, Aames Funding, Homeowners Loan, Clorox, Crystal Cathedral and General Motors.
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