Multi-Color Corporation Announces the Purchase of Quick Pak, Inc.
Press release from the issuing company
New packaging services division synergistic with existing decorating solutions business
CINCINNATI, June 3 -- Multi-Color Corporation announced it has purchased Quick Pak, Inc. of Cincinnati, Ohio. Quick Pak is a leading provider of promotional packaging, assembling and fulfillment services to major health & beauty companies, consumer product manufacturers and national retailers. The acquisition of Quick Pak expands the service component of Multi-Color's business strategy. In addition, the purchase broadens the Company's revenue stream by providing complimentary consumer packaging services that support customer marketing strategies.
"The acquisition of Quick Pak supports our long-range strategy by continuing to broaden the products and services we provide to the consumer products industry," said Frank Gerace, Multi-Color President and Chief Executive Officer.
In addition to offering Multi-Color customers additional marketing and packaging services, Quick Pak will bring more than $10 million in annual sales revenue and a roster of blue chip clients.
"We are fortunate to combine the region's leading provider of unique packaging services with Multi-Color's worldwide reputation as a premier supplier of decorating solutions," stated Gerace.
"Like all previous acquisitions, the addition of Quick Pak will be accretive to earnings immediately. Our common values surrounding quality and customer service will allow for a smooth integration as well," added Gerace. "And for our customers, one-stop shopping just got better."
Multi-Color will retain all Quick Pak associates, consisting of a workforce of approximately 300 full and part time employees, and its production facility in Cincinnati. "The skills exhibited by the associates of Quick Pak are exceptional," commented Gerace.
Previous owners, Alex and Debbie Buhayar said, "We are pleased to become a part of the Multi-Color family. Multi-Color's industry leading technology and broad product offerings will help leverage Quick Pak's unique position in the marketplace. This combination will prove to be extremely beneficial to Quick Pak's customers and employees."
Along with the purchase of Quick Pak, Inc., the Company also announced the appointment of Gordon B. Bonfield as President, Quick Pak Division of Multi- Color Corp. Bonfield was previously the Chief Operating Officer of Ivex Packaging and is a member of Multi-Color's Board of Directors. CEO Gerace added, "I am also pleased to announce Gordon's appointment in connection with the acquisition of Quick Pak. Gordon brings over 25 years of valuable experience in the packaging industry."
The acquisition of Quick Pak, Inc. comes just seven months after Multi- Color purchased Premiere Labels, Inc. of Troy, Ohio to further strengthen its position in the pressure sensitive label market.
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