New England Business Service Acquires Stephen Fossler Company and Subsidiaries
Press release from the issuing company
GROTON, Mass.-Jan. 7, 2004--New England Business Service today announced that it has acquired certain assets of Stephen Fossler Company, Inc. and its affiliates (Fossler). Privately held Fossler manufactures and markets a broad line of embossed anniversary seals, and distributes retail store signage and commemorative specialty products through direct mail in the U.S., Canada and the U.K. Located in Crystal Lake, Illinois, Fossler had revenues of approximately $20 million in their most recent fiscal year ending in September, 2003.
To acquire certain assets of Fossler, NEBS paid $27 million in cash, subject to a post-closing working capital adjustment. The financial impact of the acquisition in fiscal year 2004 is projected to be minimal, but is expected to add five to seven cents per share to earnings beginning in fiscal 2005.
Mr. Richard T. Riley, NEBS President and CEO, stated, "The acquisition of Fossler continues to expand NEBS' leadership position in serving the small business market. Their direct mail channel, customers, and exclusive product set align closely to the NEBS business model."
New England Business Service, Inc. is a leading business-to-business company with approximately 3.1 million active small business customers in the United States, Canada, the United Kingdom and France. The Company supplies a wide variety of business products and services including checks, forms and other printed material which are marketed through direct mail, telesales, a direct sales force, dealers, dedicated distributors and the Internet.
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