Mail-Well Announces Sale of Digital Graphics Assets to Complete Divestiture Program
Press release from the issuing company
ENGLEWOOD, Colo., March 17 -- Mail-Well, Inc. announced today that it has consummated the sale of certain facilities comprising a portion of its Digital Graphics Division, for an undisclosed amount. The locations sold were its Accu-Color, St. Louis facility, including Accu-Color's satellite facility in Atlanta, its Colorhouse Dallas facility and its NK Graphics facility in Keane, NH. The purchaser is Group360, Inc., a newly-formed company owned by Roger Hancuff, Gary Stephens, other members of management, and Industrial Growth Partners, a private equity investment firm located in San Francisco, CA. Group360, Inc. was formed by the combination of NEC, Inc., a leading provider of prepress services to the publishing industry, located in Nashville, TN and Color Associates, Inc., a leading prepress provider located in St. Louis, MO.
"The sale of these facilities concludes the divestiture initiatives we began in 2001," said Paul Reilly, Mail-Well's chairman, president and CEO. "With the completion of our planned divestitures, management is now concentrating on market share growth in our core lines of business in the commercial print, envelope and printed office products markets."
"We believe Group360 will be a major player in the digital graphics industry, and presents an exciting opportunity for the customers, management and employees of these operations," Mr. Reilly added. "We expect to continue the mutually profitable relationship with these businesses, as a provider of their outsourced printing needs and a customer for outsourced prepress services."
Mr. Reilly continued, "With the conclusion of this transaction, we will no longer have any businesses accounted for as discontinued operations or as assets held for sale."
"It is a pleasure to welcome the clients and teammates of these operations to our family of industry leading companies," stated Roger Hancuff, Group360 CEO.
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