Tuesday, September 8, 2020

The Target Report Annual Recap – August 2020 TTM M&A Activity



As readers of The Target Report know, we view the printing, packaging, and related industries from the perspective of M&A transactional activity. Over the past nine years, we have chronicled, logged, and commented on the robust merger and acquisition activity in the print-centric business segments. We traditionally take a break at this time of the year and depart from our usual review of the prior months’ deal activity to take a look back at the past twelve months from a macro high-level perspective. Our goal is to identify some long-term trends. Which segments have experienced more, or less, deal activity? What are the trends in rationale behind acquisition activity? Are acquirers adding facilities to their networks, or opportunistically folding acquisitions into their existing facilities?

We review, categorize, sort, count and chart the data we have amassed, comparing the trailing twelve months (“TTM”) ended this August to the prior twelve months. In M&A terms, the past twelve months were definitely quieter than the twelve months ended August 2019, with approximately 14% fewer transactions than last year, which in turn had 8% fewer transactions than the prior year. As you can see from the chart below, deal activity started off 2020 with a bang, came to a screeching halt in March and April, and has now begun to trend back to normal. There were sixteen transactions in August, the same number as last year.


Of course, despite some returning semblance of normalcy, this year has been different, especially the past six months. The outbreak of Covid-19 has changed the economic landscape. Building personal relationships between seller and buyer are a fundamental element of most transactions and form the foundation for the most successful deals. Transactions are more difficult to bring to a close in a virtual world. Yet, despite the challenges, deals are getting done. As noted in our past two reports, buyers are marching forward, maintaining their strategic focus and closing deals. It is too soon to ascertain what the eventual impact of Covid-19 will be on the print-centric industries, yet some trends are beginning to emerge as evidenced by our research on transactional activity.

The bright spot is clearly packaging, with buyers exhibiting very keen interest in labels, corrugated cartons and to some extent folding cartons. There has been continued participation in the market by well-funded private equity firms and large corporate buyers. Flexible packaging remains highly desirable for buyers, but fewer deals are getting done involving flexible packaging as the supply of target companies is limited compared to other packaging segments.

Activity is up in the wide format segment; however, we make note of an increase in the number of tuck-ins in the wide format business, indicative of overcapacity, something almost nonexistent not too long ago. Presumably, some of this activity is due to the decline of “brick and mortar” retail, greatly exacerbated by the Covid-19 shutdown. This double-whammy has created a challenging situation for the wide format shops that are focused on retail signage and display. There was a flurry of printing the ubiquitous floor stickers and window signs announcing and enforcing the new social distancing requirements, but that has likely run its course by now.

Publishing in print form, with the exception of books, is in a virtual free-fall, with newspapers either headed online or closing down completely. Several major newspapers now claim significantly more subscribers to their online content than to their printed editions. More telling than numbers of subscribers, some have now even crossed the line where revenues from online subscriptions exceed those from print. Those “digital dimes” are adding up, while “analog dollars” continue to decline. That trend will continue. Magazines face similar challenges as advertisers shift dollars online and readers follow. In the case of catalog printers, print customers hit the “pause button” hard and fast as soon as the lockdowns began. How many catalogs do you get in the mail anymore?

Commercial printing establishments appear to be in a holding pattern for now, with deal activity appreciably less than in recent years. Many owners we talk with in the commercial segment are waiting to see if the good times will roll again when the virus is brought under control. Nonetheless, many are expecting the weaker players to begin to falter and seek shelter in a sale to a stronger player. That is consistent with our expectation; activity will increase in the commercial segment. Consolidation will pick up steam as government subsidies run out. However, we note that direct mail printing companies, especially those that can manage, manipulate, store, and utilize data to drive improved results for their customers, are likely an exception and in a class by themselves, apart from the more generalized undifferentiated “job-shop” commercial printing companies.



Commercial Printing

We did a deep dive into the rationale behind the transactions in the commercial printing segment and we find that the majority are once again tuck-in deals in which the customers of the acquired company are transitioned to the buyer’s production facility. In these tuck-in transactions, buyers will often leave the disposition of the plant and equipment to the seller, or to the seller’s agent, avoiding responsibility for trade and other debt, possibly “cherry picking” certain equipment that is needed or desirable for the smooth continued servicing of the acquired customers. In two instances out of the twelve tuck-ins, the transaction was a “reverse tuck-in” in which the buyer acquired the assets and facility of the seller and moved their business into the purchased company. As a percentage of total deals announced in commercial printing, tuck-ins dropped to 50%, compared to a whopping 70% last year.

There were eight acquisitions in the commercial printing segment where the acquired facility was important to the buyer and will remain in operation, four of these were sold to new owners that acquired the company in a fully operating mode. Two of those new owners were ESOPs transitioning ownership to the employees.

There were two acquisitions where the acquirer noted that the purchased company added to their service offerings, as well as two deals where the stated logic was to expand geographically. Of all twenty-four transactions that we found in the commercial printing segment, none had a private equity sponsor and consequently there were no companies purchased to form a new “platform” for building out a larger company.



Wide Format and Retail Display

For our purposes in forming a picture of the various market 
segments that comprise the overall print-centric industries, we separate out companies that produce mostly wide format products from the more generalized commercial printing segment. Here we see proportionately fewer tuck-ins than in general commercial printing, but consistent with last year, about of quarter of the deals were tuck-ins, with the seller’s plant shuttered and production consolidated in the buyer’s existing facility.


Three buyers cited adding or greatly expanding wide format as a service offering as the logic supporting the acquisition. Two buyers noted geographic expansion as important to the decision to move forward. Five transactions involved participation by private equity in the deal, with three of those creating a new platform company for the fund. These trends, especially the involvement of financial buyers and the establishment of platforms for bolting on acquisitions, are indicative of more M&A activity and consolidation on the horizon for wide format printing companies. 



Packaging

The picture that emerges in the packaging segment is very different. Of the thirty-eight transactions that we recorded over the past twelve months in the packaging segment, only four were reported to be tuck-ins, two that produced labels and two that manufactured corrugated boxes. In all the other cases, the buyers noted that the acquired location was an important element of the rationale to complete the deal. In some, the acquired company had multiple locations, or was global in scope.


Private equity was involved in fourteen of the transactions, clear evidence that the roll-up model, with financial sponsorship from private equity, is in full swing across the various packaging segments. We noted only one new platform established by private equity in packaging, compared to no new platforms last year. This high level of private equity activity, coupled with only one new platform started over the past two years indicates to us that competition is already stiff among the existing players for packaging properties as they come on the market, squeezing out opportunities for the formation of new platform companies.

Nine of the buyers noted that the acquisition brought new services to the company, or significantly expanded on a small beachhead previously established in that service. For example, one high-end prime label printing company acquired a digital label printing company rather than continue to build out the internal effort. In nine instances, geographic expansion or diversity of the acquired locations was also noted as a key element in the buyer’s logic.


As noted earlier, activity with the packaging industry was predominately in the labels business, with many of the transactions marking the end of family ownership of independent single-location companies. There was also a steady flow of corrugated carton and paperboard folding carton companies coming to market and finding buyers.




Direct Mail

Transactional activity in direct mail printing was on the upswing over the past twelve months, with a total of nine deals announced, versus only five the prior year. The majority of these were additional facilities for the acquirers. Two were tuck-ins, compared to no tuck-ins last year.


Of special note, four of the transactions in direct mail involved private equity backers, and two of those were new platforms. While deal activity is not as robust as in the wide format segment, indicators are beginning to flash that we will see some more consolidation occurring in the direct mail segment.



Challenged Segments

Transactional activity tells us that an industry segment is undergoing change, however the number of deals does not tell us if that activity is indicative of positive or negative change. To determine a directional indication, we track the number of bankruptcy filings and non-bankruptcy plant closures and correlate this information with the overall transactional activity. Our thesis, born out over several years and confirmed by industry stats derived from other sources, is that an industry segment with a high number of transactions that is also experiencing closures and bankruptcies is, or will be, in a contraction phase. There will be opportunities for consolidation at bargain prices for those companies that defy the downward trend. This has certainly been true in the commercial printing segment (and obvious to even those outside our industry).

Conversely, segments in which the number of transactions does not correlate directly with closures and bankruptcies are more likely to be expanding and consolidation opportunities will come at much higher prices. Virtually all the packaging segments are experiencing steady transactional activity, without the corresponding bankruptcy filings and plant closures, indicating a very healthy environment for sellers as the packaging industry consolidates.

Despite the outbreak of Covid-19, the number of bankruptcies for the past twelve months decreased to 36 filings, down from 41 the prior year, which was down from 45 filing the year before that. (We will continue to closely monitor this activity as the economic impact of the Covid-19 virus plays out – stay tuned to The Target Report.)


And finally, we also track activity in non-bankruptcy plant closures; many companies simply close up and just disappear without a formal bankruptcy filing. Other times, a closure does not mean that the company has ceased operating, it may simply be that one of the larger printing firms is “rationalizing” their production capacity. Either way, closures are indicative of change, usually resulting from downward pressure in a market segment. Consistent with the other data and as expected, general commercial printing companies represent the majority of printing facilities closing up shop. Also consistent with the bankruptcy filing data, the number of non-bankruptcy closures in the past twelve months declined from the prior year, including the commercial printing segment. As also might be expected with the closing of the Cenveo (nĂ© Cadmus) plant, the closure of LSC plants in preparation for the company’s bankruptcy filing, and Quad’s quick response to Covid-19, there was an uptick of closures of publication and catalog printing plants.



2020 August - Mergers and Acquisitions in the Printing, Packaging, Paper & Related Industries

Deal Party #1
(Surviving Entity)
Pre-Deal
Revenues
($Mil )


Party #1 Address


Deal Party #2
Pre-Deal
Revenues
($Mil )


Party #2 Address
Date
Deal
Public
Deal
Value
($Mil)

Deal Structure
(Intermediary)


Notes

Press
Release
Arkansas Democrat-Gazette
(Prop. WEHCO Newspapers)
No Data Little Rock, AR Pine Bluff Commercial
(Prop. Gannett)
No Data Pine Bluff, AR 8/31/20 No Data Acquisition Community newspaper Link
Carmel Hill Acquisitions No Data Ann Arbor, MI TGI Direct No Data Flint, MI 8/31/20 No Data Acquisition Direct mail & fulfillment Link
Mill Rock Packaging Partners
(Port co. Mill Rock Capital)
No Data New York, NY TrojanLitho No Data Renton, WA 8/25/20 No Data Acquisition Folding cartons Link
Hemlock Printers / PDI Group
(Joint venture)
No Data Burnaby, BC
Kirkland, QC
PrismTech No Data Burnaby, BC 8/25/20 No Data Acquisition Wide format printing Link
Sunset Printing & Brand Mngt. No Data Wharton, NJ Remco Press No Data North Bergen, NJ 8/21/20 No Data Asset Acquisition
(Graphic Arts Advisors)
Commercial printing Link
Accelerate360
(Port co. Chatham Asset Mngt.)
No Data Smyrna, GA American Media
(Port co. Chatham Asset Mngt.)
No Data New York, NY 8/21/20 No Data Merger Tabloid magazines Link
Strategic Factory No Data Owings Mills, MD High Mountain Signs No Data Baltimore, MD 8/17/20 No Data Acquisition Signs & wide format printing Link
Intellicor No Data Lancaster, PA Printing operations
(Div. Cenveo)
No Data Lancaster, PA 8/12/20 No Data Acquisition Publication printing Link
Intellicor No Data Hurlock, MD Printing operations
(Div. Cenveo)
No Data Lancaster, PA 8/12/20 No Data Acquisition Fulfillment & digital printing Link
Kornit Digital $159.6 Rosh-Ha`Ayin, Israel Custom Gateway No Data Macclesfield, UK 8/11/20 No Data Acquisition Workflow software Link
CCL Industries $3,936 Toronto, ON Graphic West International $42.0 Horsholm, Denmark 8/10/20 $36.0 Acquisition Folding cartons (digital print) Link
Domino Printing Sciences
(Div. Brother Industries)
$571.6 Cambridge, UK Lake Image Systems No Data Herts, UK 8/5/20 No Data Acquisition Visual inspection systems Link
CERM Mngt Team No Data Oostkamp, Belgium Heidelberg $2,605 Heidelberg, Germany 8/5/20 No Data Mngt. Buyout MIS system for printing Link
Arden Software No Data Stockport, UK Cimex No Data Belchertown, MA 8/5/20 No Data Acquisition Packaging CAD/CAM systems Link
Sonoco $5,370 Hartsville, SC Can Packaging $27.0 Habsheim, France 8/3/20 $49.0 Acquisition Paper containers Link
RPI
(Port co. Riverlake Partners)
No Data Seattle, WA Blurb No Data San Francisco, CA 8/3/20 No Data Acquisition E-commerce site & system Link


2020 August - Bankruptcy Filings in the Printing, Packaging, Paper & Related Industries



Filing Party

Date
Case
Filed
Pre-Petition
Revenues
($Mil )



Case #



Filing Party Address



Circuit



Region & City



Judge



Attorney for Debtor



Notes
Chapter 11 Filings:
And Ink 1, LLC 8/14/20 No Data 20-31904 Knoxville, TN 6th Eastern TN
Knoxville
Suzanne H. Bauknight Thomas Lynn Tarpy Apparel printing
Arandell Holdings 8/13/20 $103.0 20-11941 Menomonee Falls, WI 3rd Delaware
Wilmington
John T. Dorsey Elizabeth L. Eddy Catalog printing
Chapter 7 Filings:
Interstate Graphics of Morristown, Inc. 8/27/20 No Data 20-12311 Morristown, TN 6th Eastern TN
 Chattanooga
Nicholas Whittenburg John P. Newton, Jr. Commercial printing

 

2020 August - Non-Bankruptcy Closures in the Printing, Packaging, Paper & Related Industries



Closed Company / Facility

Date of Closure
Pre-Closure
Revenues
($Mil )



Closing Address
Related Party Related Party
Address
Date Closure Public


Notes

Press
Releases
Alvin & Co. 9/4/20 No Data Bloomfield, CT None N/A 8/27/20 Reprographic & art supplies Link

Friday, August 7, 2020

Buyers are On The Move and On Track – July 2020 M&A Activity


Serial buyers are back in the market for print-centric company assets, each executing on their own unique and established long-term strategic direction. While some of the transactions in July appear or are clearly opportunistic, these companies are not veering wildly off course from their pre-Covid-19 track.

CJK Group, a Minnesota-based company consolidating companies in the book manufacturing industry, acquired the equipment and customers of Quad’s mammoth book printing and binding facility in Versailles, Kentucky. The 1,000,000 square-foot facility produces softcover and hardcover books, as well as publications. CJK is rebranding the plant as Sheridan Kentucky, a division of the Sheridan companies that CJK acquired in 2017 from private equity firm Jefferies Capital Partners (see The Target Report: Legacy Printing Companies Fade Into History – April 2017).

The sale of the Kentucky plant represents a major step forward for Quad in its journey to exit the book manufacturing business, an element of its “3.0 Transformation strategy.” The roadmap calls for Quad, organically and through M&A strategies, to change itself into a marketing solutions partner, presumably bridging the gap between the big creative advertising agencies and companies that just print (see The Target Report: Turning a Big Ship – Quad/Graphics Acquires Ivie - February 2018). According to the company’s website, Quad is well on its way; non-print “integrated solutions” accounted for 21% of 2019 net sales. Apparently, customers that buy books do not utilize the other elements of Quad’s total suite of offerings and therefore book manufacturing does not fit the company’s long-term strategic vision. In addition to the sale of the Kentucky plant to CJK, Quad has announced that its West Virginia and Pennsylvania book manufacturing operations are also for sale.

Quad’s major competitor, LSC Communications, was following a similar strategy, bolting on marketing automation and technology offerings onto its core business of printing magazines, catalogs and books (see The TargetReport: If you Can’t Beat ’em, Join ’em - July 2018). However, for LSC, the strategy missed the mark and the company eventually sought to sell itself and announced in October 2018 that it had accepted an offer from Quad. When that deal failed to pass muster with the US Department of Justice (the industry is still scratching their head over that decision), LSC had no choice but to file for Chapter 11 bankruptcy this past April. In the meantime, LSC began shutting down its magazine and catalog printing plants, closing three in January and one more in April this year.

All of which brings us back to the CJK Group, a company that has focused primarily on acquiring print assets in book production and knows when to move forward on its strategy . CJK has in a few short years grown by acquisition into a major book manufacturing company (see The Target Report: CJK Group Opens Next Chapter with Loan-to-Own Strategy – March 2019). Meanwhile, CJK’s main competition in books is adrift or pulling out. While Quad exits book manufacturing, LSC has the challenge of too much debt and may be broken into pieces in the pending sale process under the supervision of the US Bankruptcy Court. It appears that the contest for supremacy in book manufacturing will be between LSC Communications’ book division (however it emerges from bankruptcy) and the CJK Group which continues straight ahead on its track to become a major US book manufacturer.

Commercial Printing and Diversified Services

Mittera Group has announced the acquisition of certain assets of Minneapolis-based Ambassador Press. The acquired business brings customers and expertise to Mittera in point-of-purchase and retail display services. Ambassador utilized wide format digital printers as well as large format offset presses. The production services of Ambassador will be tucked-in to Mittera’s Chicago and Iowa locations. Presumably some of the work will end up in the former location of Fuse, a failed mini roll-up of three commercial printing companies that was acquired by Mittera in November 2019.

Mittera is arguably the only company actively rolling up commercial printing companies on a national basis and is great example of a serial acquirer with a clear strategic vision, closing transactions on an almost clock-like schedule. Beginning from its origins as the Iowa-based, family-owned Rock Communications, its first acquisition was the purchase of ColorFX in 2007, followed up by acquisitions of some of the industries’ leading companies (see The Target Report: Consolidation in Commercial Printing Rolls On - December 2018). If past is prologue, we won’t be surprised to see Mittera stay on track with its clearly defined and disciplined roll-up strategy regardless of, and possibly accelerated by, the current downward economic cycle.

Marketing Execution (Print Management)

Innerworkings is being acquired by HH Global. Both companies have for years successfully inserted themselves as intermediaries between many printing companies and their biggest (formerly) loyal corporate customers. By combining the purchasing power of many large clients, and taking advantage of overcapacity in the printing industry, these print management companies have driven many printers to accept unsustainable price reductions. Inevitably, some printing companies chase the volume offered by the print management company with the predictable result that a printer’s “key account” either becomes a loser or goes elsewhere. The impact on many family-run printing companies has been devastating.

Despite growing to over a billion dollars in annual revenue since 2014, Innerworkings has not reported a profit since 2017, EBITDA was a dismal 3.3.% in 2019, and the company has struggled with accounting irregularities, delayed SEC filings and restatement of previously filed financial statements. HH Global has offered $3.00 per share for the company, above the recent market price, but significantly less than Innerworkings’ high over time and approximately half the value as recently as December 2019. In effect, HH Global is acquiring a $1.1 billion book of business for $177 million and assuming Innerworkings’ leading position in the North American market for marketing execution and print management services.

From the perspective of the commercial printing company owner, HH Global will not likely be any more welcome than Innerworkings when the call comes that the printer’s best customer has engaged HH Global as their print management company. The printer soon learns that the customer’s print buyer has been “rebadged” (i.e. the buyer now works for the print management company instead of the customer) and is now charged with an unreasonably aggressive goal to drive costs out of the print supply chain. I suspect that not many tears will be shed in the printing community for the demise of Innerworkings.

Newspaper Publishing

Chatham Asset Management, a New Jersey-based hedge fund, has acquired McClatchy, the publisher of over 30 newspapers, including major metro papers The Sacramento Bee (the original McClatchy paper, dating back to 1857), The Kansas City Star and the Miami Herald, among others. McClatchy filed for bankruptcy in February, struggling to survive the downturn in advertising revenues, unable to meet pension obligations, and burdened with a massive debt hangover from its ill-timed $4.5 billion purchase in 2006 of its bigger competitor Knight Ridder. Chatham emerged as the victor in the company’s 363 sale in bankruptcy, using its position as McClatchy’ secured biggest creditor to credit bid $263 million of its debt plus $49 million in new money.

Chatham is no stranger to the suffering newspaper industry. In 2016, Chatham acquired two-thirds ownership of Postmedia, Canada’s largest newspaper chain, in an out-of-court loan-to-own strategy, trading debt for a majority ownership stake. Chatham also controls American Media, publisher of sensationalist tabloid titles including most famously the National Enquirer. Chatham joins Alden Global Capital and Fortress Investment Group as major players in the transition of US newspapers to ownership by financial institutions. The McClatchy family, no longer involved, ran the papers in the tradition of civically-minded family stewardship and journalistic excellence that dates back to the 1800’s.

Update: The Impact of Covid-19

The impact of the virus on M&A activity has not been as dramatic as might be expected, at least not yet. Bankruptcies in the industry are few, while plant closures continue at a steady, but not greatly accelerated, pace. Unfortunately, we expect that will change as the PPP loans are exhausted and print volumes stay depressed. For some companies, especially those that operate in the undifferentiated commercial print segment, the recovery cannot come soon enough.

We found no new Chapter 11 bankruptcy filings in the printing, packaging and related industries and only two Chapter 7 liquidations, one a small screen printing company in New Mexico and the other an involuntary bankruptcy involving the Ebony and Jet publishing brands. This is the second time these brands are in Bankruptcy Court, having been sold to private equity investors in the original Chapter 7 bankruptcy of Johnson Publishing, filed in April of 2019.

Ebony, founded in 1945 by John Johnson, and a beacon of black entrepreneurship in America and at one time a prominent Chicago business with an iconic headquarters building on Michigan Avenue, ceased publication of its print editions with its Spring 2019 issue. The website went offline this March. Ebony’s sister publication, Jet, the pocket-sized weekly magazine, ceased print publication back in 2014. Ebony and Jet at one time were highly influential in changing cultural attitudes in the US. In a different time and place, the instant sharing of video via social media did not exist, and print held center stage to bring news to the public’s attention. Jet famously published the photo of 14-year-old Emmett Till lying in his casket with his mother looking on after he was killed in 1955 in Mississippi. The photo was the 1950’s equivalent of the George Floyd video and was the spark that lit up the civil rights movement. That photo, along with the magazine’s entire archive, was sold to a group of philanthropic organizations in the first bankruptcy proceedings and is not included in this latest spat over the remains of Ebony and Jet.

Non-bankruptcy closures continued apace. The assets of direct mail company Pacific Marketing in Milwaukie, Oregon are being auctioned off due to a complete plant closure, as are the assets of Rickard Bindery in Chicago, and the screen printing equipment of retail display printing company Mark-It Graphics in Osceola, Wisconsin.

RR Donnelley announced the closing of The Hennegan Company printing plant, one of the formerly independent printing companies that RRD acquired when it bought Consolidated Graphics (CGX) in 2014. Located in the greater Cincinnati area, Hennegan was a plum acquisition for CGX which was rolling up the commercial printing industry with over 70 acquisitions in a strategy that maintained the independence and separate local brand identity of the acquired companies. Many of those locations have now closed. The 210,000 square foot Hennegan sheetfed and web printing facility now joins others in the CGX graveyard.

At one time, Hennegan was considered the pinnacle of quality and service in the commercial printing world. I started my post-college career in 1980 in the industry selling high quality printing for Compton Press, a long-defunct family-owned printing company in Morristown, New Jersey. We prided ourselves on working hard to produce a high-quality product for accounts; mine included IBM, Merck, James River Paper and some very demanding graphic design firms. We faced tough competition, often up against the LP Thebault Company (parts of which are incorporated into the aforementioned Mittera) which was always seemingly a step ahead of Compton in customer’s minds. But when the most demanding and famous New York graphic design boutique firms wanted the best of the best, there was no competing with the reputation and craftsmanship of the renowned Cincinnati printer, The Hennegan Company.



2020 July - Mergers and Acquisitions in the Printing, Packaging, Paper & Related Industries

Deal Party #1
(Surviving Entity)
Pre-Deal
Revenues
($Mil )


Party #1 Address


Deal Party #2
Pre-Deal
Revenues
($Mil )


Party #2 Address
Date
Deal
Public
Deal
Value
($Mil)

Deal Structure
(Intermediary)


Notes

Press
Release
Robustelli
(Div. Seiko Epson)
No Data Villa Guardia, Italy For.Tex
(Div. Seiko Epson)
No Data Fino Mornasco,
Italy
7/30/20 No Data Merger Fabric printers & inks Link
Mittera Group No Data Des Moines, IA Ambassador Press No Data Minneapolis, MN 7/24/20 No Data Asset Acquisition Retail display Link
Benpac Holding No Data Stans, Switzerland Gallus Group
(Sub. Heidelberg)
No Data St. Gallen,
Switzerland
7/22/20 $141.0 Acquisition Narrow web presses Link
Don Hurd
(Owner of Hometown Media)
No Data Fowler, IN Daily Clintonian No Data Clinton, IN 7/21/20 No Data Acquisition Community newspaper Link
HH Global Group $488.4 Leatherhead, England InnerWorkings $1,150 Chicago, IL 7/16/20 $177.0 Acquisition Print & brand management Link
Chatham Asset Management No Data Chatham, NJ The McClatchy Company
(30 news organizations)
$739.4 Sacramento, CA 7/13/20 $263.0 363 Sale in Ch. 11 Metro & regional newspapers Link
Avery
(Div. CCL Industries)
$5,290 Toronto, ON InTouch Label and Packaging $9.5 Lowell, MA 7/2/20 $10.9 Acquisition Digital label printing Link
CJK Group No Data Brainerd, MN Book manufacturing plant
(Div. Quad/Graphics)
No Data Versailles, KY 7/1/20 No Data Acquisition Book manufacturing Link

2020 July - Bankruptcy Filings in the Printing, Packaging, Paper & Related Industries



Filing Party

Date
Case
Filed
Pre-Petition
Revenues
($Mil )



Case #



Filing Party Address



Circuit



Region & City



Judge



Attorney for Debtor



Notes
Chapter 11 Filings:
No Chapter 11 Filings Found this Month --- --- --- --- --- --- --- --- ---
Chapter 7 Filings:
Ebony Media Holding, LLC 7/24/20 No Data 20-33667 Houston, TX 5th Southern TX
Houston
Jeffrey P. Norman Pro Se Magazine publishing
Quality Screen Print Corporation 7/6/20 No Data 20-11370 Albuquerque, NM 10th New Mexico
Albuquerque
David T. Thuma James A Askew Screen printing

2020 July - Non-Bankruptcy Closures in the Printing, Packaging, Paper & Related Industries



Closed Company / Facility

Date of Closure
Pre-Closure
Revenues
($Mil )



Closing Address
Related Party Related Party
Address
Date Closure Public


Notes

Press
Releases
The Hennegan Co.
(Div. RR Donnelley)
Jul-20 No Data Florence, KY RR Donnelley Chicago, IL 7/28/20 Commercial printing Link
Pacific Marketing 8/18/20 No Data Milwaukie, OR None N/A Jul-20 Direct mail printing Link
Mark-It Graphics 8/20/20 No Data Osceola, WI None N/A Jul-20 Wide format & screen printing; retail display Link
Rickard Bindery 9/10/20 No Data Chicago, IL None N/A Jul-20 Bindery services Link