Quad/Graphics (QUAD) Completes $170 Purchase of Vertis Holdings
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Quad/Graphics, Inc. (NYSE: QUAD) announces that it has completed its acquisition of substantially all of the assets of Vertis Holdings, Inc., for a net purchase price of $170 million. This assumes the purchase price of $267 million less the payment of $97 million for current assets that are in excess of normalized working capital requirements. Quad/Graphics used cash on hand and drew on its revolving credit facility to finance the acquisition.
The Company expects the acquisition of Vertis to strengthen and expand its client offering with:
*An enhanced range of products, services and revenue-generating solutions;
Expanded industry vertical expertise;
*Increased manufacturing flexibility and distribution efficiencies from an extended geographic footprint; and
*New opportunities to help clients realize mailing and distribution cost-savings from the combined volumes and capabilities of the two companies.
Vertis generated an estimated $1.1 billion in revenues in 2012 and approximately $55 million in annual EBITDA on an unaudited basis, adjusted for restructuring, impairment and other transaction-related expenses. The combined company will employ approximately 25,000 employees from more than 70 print-production facilities in North America, Latin America and Europe.
The Company expects the acquisition of Vertis to strengthen and expand its client offering with:
*An enhanced range of products, services and revenue-generating solutions;
Expanded industry vertical expertise;
*Increased manufacturing flexibility and distribution efficiencies from an extended geographic footprint; and
*New opportunities to help clients realize mailing and distribution cost-savings from the combined volumes and capabilities of the two companies.
Vertis generated an estimated $1.1 billion in revenues in 2012 and approximately $55 million in annual EBITDA on an unaudited basis, adjusted for restructuring, impairment and other transaction-related expenses. The combined company will employ approximately 25,000 employees from more than 70 print-production facilities in North America, Latin America and Europe.
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