Management Buys Experian's Print Business and Cole Services Divisions
Press release from the issuing company
COSTA MESA, Calif., Jan. 5 -- Experian, a global business solutions company, today announced that the Lettershop, Printing and Packaging Services division of its North American operations, including the Cole Services division, has been acquired by an internal senior management group backed by Sterling Capital Partners, LP, a leading private equity firm.
The new company, MetroGroup Corp., today acquired the operating assets of Experian Lettershop, Printing and Packaging services operations in Nebraska, Iowa and Vermont. In addition, MetroGroup also acquired the assets of Experian's Cole Services division, a leading cross-reference directory offered in print and electronic versions. Experian will maintain a financial interest in MetroGroup and will be a leading client for its services.
"This transaction places us in a better position to service our clients by focusing on what we do best -- information, data management, decision support and analysis -- while at the same time delivering industry-leading lettershop services as one of MetroGroup's leading clients and resellers," said Deborah Zuccarini, president of Experian Marketing Services. "We believe this transaction with MetroGroup will better serve the long-term needs of the clients and employees of our lettershop and Cole Directory businesses and we look forward to being a leading client of MetroGroup and partnering with them to meet the needs of our mutual customers."
Experian's lettershops are known for providing superior direct mail production and packaging services for more than half a century, and assemble more than two billion pieces per year for leading companies, large and small, in the financial services, consumer products, media, fundraising, retail, telecommunications, travel and entertainment, healthcare and pharmaceutical industries.
"MetroGroup is pleased to acquire Experian's Lettershop, Printing and Packaging Services and Cole operations," said James Drake, president, MetroGroup. "We look forward to demonstrating how our financial strength, size and scale, flexibility, superior client service and innovation make MetroGroup the choice of leading marketers."
Joining MetroGroup's senior management team as chairman and chief executive officer is Jim McQuaid, former chief executive officer of Metromail.
MetroGroup is headquartered in Lincoln, Nebraska and will employ all of the former Experian Lettershop, Printing and Packaging Services and Cole Services divisions employees -- a total of 1,400 people operating in management, sales, customer services and manufacturing. Earlier today, employees of Experian's Lettershop, Printing and Packaging Services as well as the Cole operations were advised of the acquisition in a series of meetings.
For more information, visit the company's website at www.metrogroupcorp.com .
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