This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

The Deal: Standard Register Buys WorkflowOne for $218M

Stock quotes in this article: SR

By Lou Whiteman

Document management company Standard Register (SR) said Thursday, Aug. 1, it would acquire crosstown rival WorkflowOne in a deal valued at $218 million in equity and assumed debt.

Terms of the deal call for Standard Register to assume $210 million of long-term debt and issue warrants with an estimated value of $8 million for WorkflowOne, which like the buyer, is based in Dayton, Ohio. Standard said that post-deal it would have $1 billion in annual sales and more than 4,000 workers, while having a more complete portfolio of printing, document management and business workflow products.

Standard Register currently offers marketing communications products, printing and office management software for health care companies and other businesses.

"The acquisition of WorkflowOne increases our customer base and incremental growth opportunities," Standard Register CEO Joseph Morgan Jr. said in a statement. "It also provides new markets and capabilities in retail and promotional products and cross-selling opportunities. And, importantly, we are acquiring a significant pool of talented people with expertise in our industry and markets."

The deal is a substantial one for Standard Register, which had just $1 million in cash on its balance sheet as of March 31 and is valued by the market at $60 million. But investors on Thursday cheered the announcement, sending Standard Register's thinly-traded shares up 286%, or $8.56, at midday Thursday to $11.56. More than 4 million shares had traded hands by 1:30 p.m., compared to the company's average 3-month daily volume of 7,578 shares.

Standard Register said that in conjunction with the deal, it has completed an early renewal and expansion of its credit facility, entering into a five year, $125 million senior-secured asset-based facility arranged by Bank of America NA. The company has also engaged AlixPartners LLP to assist in integration planning.

Kevin Brunner, Chanan Glambosky, Ed Fitzgerald and Dustin Bertram of BofA Merrill Lynch and a Gibson, Dunn & Crutcher LLP team including partners Barbara Becker, Dennis Friedman, Aaron Adams and Benjamin Rippeon advised Standard Register. WorkflowOne was advised by Perella Weinberg Partners and Fried, Frank, Harris, Shriver & Jacobson LLP partners Christopher Ewan, David Shaw and F. William Reindel.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,719.81 -84.90 -0.51%
S&P 500 1,933.83 -12.33 -0.63%
NASDAQ 4,388.2010 -33.8840 -0.77%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs