Ennis, Inc. (NYSE: EBF), a manufacturer of printed business products & apparel headquartered in Midlothian, Texas, has closed, as of February 10, 2012, on its acquisition of the assets and business of PrintXcel and Printegra from the Custom Resale Group of Cenveo. Sales from both businesses are approximately $80 million annually and the purchase price was $40 million in cash plus assumed trade liabilities. Ennis funded the acquisition under its revolving line of credit. The PrintXcel facilities are located in Visalia, CA; Toledo, OH; Clarkesville, TN and Fairhope, AL. The Printegra facilities are located in Livermore, CA; Arlington, TX; Smyrna, GA; Indianapolis, IN; Fairport, NY; and Greensboro, NC, with a sales office in Jaffrey, NH.
The operations will continue to operate under their respective trade names of PrintXcel and Printegra. The acquisition is expected to be accretive to Ennis' earnings in the first full year of operations and will expand the Company’s capabilities in the pressure seal product lines under the VersaSeal® name and sold through the indirect sales (distributorship) marketplace.
The majority of PrintXcel’s and Printegra’s employees have been offered positions with Ennis’ new operation. Customers can continue contacting all of the locations under the same methods. No changes to the day-to-day operations have been made.
Keith Walters, Chairman, President and CEO of Ennis, said, "We are excited that this transaction has closed and, along with the Printgraphics acquisition in the fall of 2011, has added new locations and new products to our growing number of brands during this fiscal year. Both of these brands are exciting additions to the Ennis family as well as bringing VersaSeal® to our many brand names and an exciting new product. Like Ennis, PrintXcel and Printegra have been serving the distributor market for more than 80 years, and we feel this addition will positively impact customers of both companies.”
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts