January 22, 2007 -- "Peerless is an exceptional fit with Magna IV," said Gary Middleton, Magna IV’s CEO. "Increasing their flexibility with the addition of Magna’s respected capabilities will allow us better to serve each company’s customers and will create immediate assistance in direct mail, fulfillment and other production/service resources. This allows us to expand our business that will position us for further growth."
Peerless is Magna IV’s fourth acquisition in the past 15 years, according to Kent Middleton, president of Magna IV. After acquiring Diversitype, the company went on to buy International Graphics in 1997 and then Parkin Printing one year later.
“It’s a very good opportunity for both companies,” said Kristi Dannelly, chief financial officer at Magna IV, the state’s largest sheet-fed printer. “This will significantly increase our footing in the market.”
Dannelly said the acquisition would immediately increase Magna IV’s revenue by nearly 40 percent. The purchase agreement, which Dannelly said has been in the works since January 2006, is expected to be complete by Jan. 23.
Magna IV also invested nearly $3 million into a high-tech eight-color perfecting press last year that cranks out between 11,000 and 13,000 color sheets per hour.
Dannelly said eventually work will be phased out at the Peerless Group’s current location at 823 Main St. and moved to Magna IV’s operation at 2401 Commercial Lane in east Little Rock, though a timeline is not yet established.
Magna IV, established in 1975 and one of the largest sheet-fed print providers in the mid-South, offers a range of services in design, short- to long-run printing, variable data, large format printing, fulfillment, mail processing and lamination. Originally founded in 1921, Peerless offers prepress and commercial printing. It works with ad agencies, publishers and retailers.
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