Workflow Management Divests United Envelope and Freedom Graphic Services
Press release from the issuing company
Dayton, Ohio July 1, 2009 -- Workflow Management Inc. today announced the completion of its sale of United Envelope LLC and Freedom Graphic Services, Inc. to an entity controlled by Palm Beach Capital, a private equity firm based in Florida, for an undisclosed sum.
United Envelope is a leading manufacturer and provider of direct mail and transactional envelopes to a wide variety of industries. Freedom Graphic Services is a regional print outsourcing and direct mail services company. With over $100 million in revenue, these companies together represented less than 15 percent of Workflow Management’s consolidated revenue.
Kenneth Bernstein, president and CEO of United Envelope, will continue leading the company under its new ownership. Management of United Envelope participated in the buyout by Palm Beach Capital, joined by envelope industry veterans Gerald Mahoney, Richard Schlanger and Bob Fishbein. “We are excited about the future prospects of United Envelope and Freedom Graphics,” Bernstein said. “The partnership with Palm Beach Capital will enable us to continue outstanding service to our longstanding, valued customers and to grow both organically and through strategic acquisitions.”
“We are pleased to complete the sale of these assets as we continue to focus on the transformation of WorkflowOne into a nimble, value-added service provider of market-leading solutions for print management and promotional marketing,” said Dave Davis, chief executive officer of Workflow Management.
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