Consolidated Graphics to Acquire The Hennegan Company
Press release from the issuing company
Nov. 17 2006 -- Consolidated Graphics, Inc.announced today that it has signed a letter of intent to acquire The Hennegan Company, headquartered in Florence, Kentucky, just outside of Cincinnati, Ohio. The company has annual revenues of approximately $85 million. The transaction is expected to be completed within 90 days.
Founded in 1886, The Hennegan Company is a leading provider of ultra-fine printing that produces sophisticated, color-intensive products for many industry-leading, household name companies across the U.S. and worldwide. Hennegan offers an array of sheetfed printing, including ultra-violet curing, with a variety of varnishes and coatings on substrates ranging from plastics and foil to 28-point board. It also offers full web printing with a wide variety of folding options, highly personalized digital printing and one-to- one marketing, finishing, bindery, die cutting, embossing, art and design, color analysis, direct mail and fulfillment.
Hennegan produces high-end marketing materials, annual reports, brochures, catalogs, variable print campaigns and specialty printing for point-of-purchase displays, signage and posters in a 210,000 square foot high-security, state-of-the-art facility with five sheetfed presses, three web presses and a state-of-the-art Kodak NexPress. Hennegan is also a filing agent for the U.S. Securities and Exchange Commission and a certified vendor for the Forest Stewardship Council.
"Bob Ott, Bob Ott, Jr., Kevin Ott and the employees of The Hennegan Company have built a world class business with a long standing reputation as a premier printing company by investing in new technologies, equipment and infrastructure. This company is second to none in terms of the quality of their product, and their commitment to excellence has garnered them some of the world's most demanding customers," commented Joe R. Davis, Chairman and Chief Executive Officer of Consolidated Graphics. "We look forward to the opportunity to leverage Hennegan's unique printing capabilities and strong marketing network by combining it with Consolidated Graphics' geographic footprint, purchasing power and 600 salespeople."
The fourth generation management team led by Bob Ott, Jr., CEO and President, and Kevin Ott, Vice President, will remain with the company following the completion of the transaction. Bob Ott, Sr., currently Chairman of The Hennegan Company and a member of the Printing Impressions/RIT Hall of Fame, will also remain with the company following the transaction and will continue to serve the needs of his customers and fellow employees. The Hennegan Company's financial advisor in this transaction is Houlihan Lokey.
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